Tag: Taussig

Harvard. Final exams in political economy and ethics of social reform, 1889-1890

Post author By Irwin Collier
Post date 2021-05-09

The Harvard University Archives provide a fairly complete collection of final examinations for all Harvard courses. Slowly but surely Economics in the Rear-view Mirror is adding transcriptions of economics exam questions, sometimes for individual courses together with syllabi where available and sometimes as annual collections along with course enrollments. In this post we get one year closer to the turn of the twentieth century. Stay tuned or, better yet, subscribe to the blog below!

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1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.

Enrollment.

[Philosophy] 11. Prof. [Francis Greenwood] Peabody. The Ethics of Social Reform. — The modern social questions: Charity, Divorce, the Indians, Temperance, and the various phases of the Labor Question, as questions of practical Ethics. — Lectures, essays, and practical observations. — Students in this course made personal study of movements in charity and reform. They inspected hospitals, asylums, and industrial schools in the neighborhood, and the various labor organizations, cooperative and profit-sharing enterprises and movements of socialism, temperance, etc., within their reach. Four special reports were presented by each student, based so far as possible upon these special researches. Hours per week: 2 or 3.

Total 112: 1 Graduate, 53 Seniors, 34 Juniors, 9 Sophomores, 15 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 79.

1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM
[Mid-Year Examination. 1890.]

Omit one question.

“This Course of study has a twofold purpose, — an immediate and practical purpose, and an indirect and philosophical purpose.” — Lecture I. Illustrate both of these intentions of the Course in the case of either Social Question thus far treated.
Compare the “Social Organism” of Hobbes or of Rousseau with the modern conception of society.
“Here is a tenant-farmer whose principles prompt him to vote in opposition to his landlord…May he then take a course which will eject him from his farm and so cause inability to feed his children?…No one can decide by which course the least wrong is likely to be done.” — Spencer, Data of Ethics, p. 267.

“Thou love repine and reason chafe,
There came a voice without reply —
‘Tis man’s perdition to be safe
When for the truth he ought to die.’”

Emerson, Poems, p. 253. Sacrifice.

Define and compare the principles of conduct proposed in these two passages.

The doctrine of the “Forgotten Man,” — its meaning and its effect on charity and on the stability of the State. Interpret, under this principle of conduct, the parable of the Good Samaritan.
The history of the English Poor Law as illustrating the progress and the dangers of modern charity.
The Law of Marriage in the United States, — its two chief forms, its effect on divorce, and the changes proposed in the interest of Divorce Reform.
The Patriarchal Theory, — its definition, its evidence, and its place in the Philosophy of the Family.
Exogamy, — its meaning, its suppose causes, and its effect on the development of society.
The relation of the stable family type to —
1. The Philosophy of Individualism.
2. The Philosophy of Socialism.
Illustrate the dependence of the question of the home on the industrial and economic tendencies of the time.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM
[Year-end Examination. 1890.]

[Omit one question.]

State, briefly, any general results which you may have seemed to yourself to gain from this course of study.
The facts, so far as investigated, as to the distribution of wealth in England and in this country, and the lessons to be derived from these facts in either case.
The economic doctrine of Carlyle’s “Past and Present,” and its value in the modern “Social Question.”
Distinguish Anarchism, Communism, and Socialism in their relation to: —
1. The philosophy of Individualism
2. The present industrial order.
The tendency in modern legislation which encourages the Socialist. How far, in your opinion, is his inference from this tendency justifiable?
Distinguish the logical and the practical relationships of Socialism to: (a) Religion. (b) Co-operation.
The business principles which give a commercial advantage to an English co-operative store.
State the issue between Federalism and Individualism in Co-operation.
Describe the four prevailing methods of liquor legislation, their relation to each other, and the arguments which encourage each.
Illustrate the “correlation” of the temperance question with other social questions of the time.
How far does such a study of the Social Questions as we have pursued go to establish a theory of Ethics? Illustrate this philosophical contribution in the case of any one of the questions of this Course.

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 3. Bound Volume: Examination Papers, 1890-92. Papers set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1890), pp. 8-9.

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1889-90
POLITICAL ECONOMY 1.

Enrollment.

[Political Economy] 1. Profs. [Frank William] Taussig and [Silas Marcus] Macvane, and Mr. [Edward Campbell] Mason. Mill’s Principles of Political Economy. — Cairnes’s Leading Principles of Political Economy. — Lectures on Social Questions (Coöperation, Profit-Sharing, Trades-Unions, Socialism). Banking, and the financial legislation of the United States. Hours per week: 3.

Total 179: 2 Graduates, 29 Seniors, 65 Juniors, 60 Sophomores, 23 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

1889-90
POLITICAL ECONOMY 1.
[Mid-Year Examination. 1890.]

Define wealth; define capital; and explain which of the following are wealth or capital: pig iron, gold bullion, water, woolen cloth, bank-notes.
Is there any inconsistency between the propositions (1) that capital is the result of saving, (2) that it is perpetually consumed, (3) that the amount of capital in civilized communities is steadily increasing?
On what grounds does Mill conclude that the increase of fixed capital at the expense of circulating is seldom injurious to the laborers? On what grounds does he conclude that, when government expenditures for wars are defrayed from loans, the laborers usually suffer no detriment?
Explain the proposition that even though all the land in cultivation paid rent, there would always be some agricultural capital paying no rent.
Trace the connections between the law of population and the law of rent.
What is the effect on values, if any, of (1) a rise of profits in a particular occupation, (2) a general rise in profits?
“The preceding are cases in which inequality of remuneration is necessary to produce equality of attractiveness, and are examples of the equalizing effect of competition. The following are cases of real inequality, and arise from a different principle.” Give examples of differences of wages illustrating each of these two sets of cases; and explain what is the principle from which the second set arise.
“Retail price, the price paid by the actual consumer, seems to feel very slowly and imperfectly the effect of competition; and when competition does exist, it often, instead of lowering prices, merely divides the gains of the high price among a greater number of dealers.” Explain.
What are the laws of value applying to (1) land, (2) raw cotton, (3) cotton cloth, (4) gold?
How does the legislation of the United States on National Banks provide for the safety of notes and of deposits?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

1889-90
POLITICAL ECONOMY 1.
[Year-end Examination. 1890.]

Arrange your answers strictly in the order of the questions.
One question may be omitted.

How does Mill explain the fact that the wages of women are lower than the wages of men? Wherein is his explanation analogous to certain propositions on which Cairnes laid stress?
“Wages, then, depend mainly upon the proportion between population and capital. By population is here meant the number only of the laboring class, or rather of those who work for hire; and by capital, only circulating capital, and not even the whole of that, but the part which is expended in the direct purchase of labor.” — Mill.
What has Cairnes added to this statement of the wages-fund doctrine?
On what grounds does Cairnes conclude that trades unions cannot raise general wages?
Explain how it may happen that a thing can be sold cheapest by being produced in some other place that that at which it can be produced with the greatest amount of labor and abstinence.
What effect does the growth of a country have on the relative values of hides and beef? How far would improvements enabling beef to be transported for great distances affect Cairnes’s conclusions on this subject?
Mill lays it down that an emission of paper money beyond the quantity of specie previously in circulation will cause the disappearance of the whole of the metallic money; but observes that if paper be not issued of as low a denomination as the lowest coin, such coin will remain as convenience requires for the smaller payments. What light does experience of the United States during the Civil War throw on the main proposition, and on the qualification?
“No nation can continue to pay its foreign debts by the process of incurring new debts to meet a balance yearly accruing against it; yet this, in truth, is the nature of the financial operation by which of late years the United States has contrived to settle accounts with the rest of the world…These considerations lead me to the conclusion that the present condition [1873] of the external trade of the United States is essentially abnormal and temporary. If that country is to continue to discharge her liabilities to foreigners, the relation which at present obtains between exports and imports in her external trade must be inverted.”
State the reasoning by which Cairnes was led to this prediction; and explain how far it was verified by the events of the years after succeeding 1873. Point out the bearing of those events on the resumption of specie payments by the United States.
“Suppose that, under a double standard, gold rises in value relatively to silver, so that the quantity of gold in a sovereign is now worth more than the quantity of silver in twenty shillings. The consequence will be that, unless a sovereign can be sold for more than twenty shillings, all the sovereigns will be melted, since as bullion they will purchase a greater number of shillings than they exchange for as coin.” — Mill.
Explain (1) the conditions assumed in regard to international trade in this reasoning; (2) the mode in which, under the double standard, the metal whose value rises in fact goes out of circulation; (3) the reasons why the coinage of silver in the United States since 1878 has not driven gold out of the currency.
Are general high prices an advantage to a country?
What were Mill’s expectations as to the future of coöperative production? Cairnes’s? What does experience lead you to expect?

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1889-90
POLITICAL ECONOMY 2.

Enrollment.

[Political Economy] 2. Prof. [Frank William] Taussig and Mr. [John Graham] Brooks. First half-year: Lectures on the History of Economic Theory. — Discussion of selections from Adam Smith and Ricardo. — Topics in distribution, with special reference to wages and managers’ returns. — Second half-year: Modern Socialism in France, Germany, and England. — An extended thesis from each student. Hours per week: 3. *Consent of instructor required.

Total 24: 7 Seniors, 12 Juniors, 1 Sophomores, 4 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

1889-90
POLITICAL ECONOMY 2.
[Mid-Year Examination. 1890.]

Sidgwick supposes that, in a country where the ratio of auxiliary to remuneratory capital is 5 to 1, 120 millions are saved and added to the existing capital, and asks, “in what proportion are we to suppose this to be divided?” Answer the question.
On the same supposition Cairnes’s answer is expected to be that the whole of the 120 millions would be added to the wages fund. “But then, unless the laborers became personally more efficient in consequence — which Cairnes does not assume — there would be no increase in the annual produce, and therefore the whole increase in the wages fund would be taken out of the profits within the year after the rise. Now, though I do not consider saving to depend so entirely on the prospect of profit as Mill and other economists, still I cannot doubt that a reduction in profits by an amount equivalent to the whole amount saved would very soon bring accumulation to a stop; hence the conclusion from Cairnes’s assumptions would seem to be that under no circumstances can capital increase to any considerable extent unless the number of laborers increases also.”
What would Cairnes say to this?
Explain what is Sidgwick’s conclusion as to the effect of profits on accumulation; and point out wherein his treatment of this topic differs from Cairnes’s and from Ricardo’s.
In what sense does George use the term “wages”? Ricardo? Mill? Cairnes?
Explain wherein Sidgwick’s general theory of distribution differs from Walker’s.
Compare the treatment of rent by the Physiocratic writers and by Adam Smith.
What was Adam Smith’s doctrine as to labor as a means of value? What was Ricardo’s criticism on that doctrine?
What did Adam Smith say to the argument that taxes on the necessaries of life raise the price of labor, and therefore give good ground for import duties on the commodities produced at home by the high-priced labor? What would Ricardo have said to the same argument?
How does Ricardo show that the application of labor and capital to worse soil brings a decline of profits not only in agriculture, but in all industries?

Source: Harvard University Archives. Examination papers in economics 1882-1935 of Professor F. W. Taussig (HUC 7882). Scrapbook.
Also included in Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

Political Economy 2.
[Year-end Examination, June 1890.]

Characterize French Socialism, chiefly with reference to St. Simon and Louis Blanc.
What general differences do you note between French and German Socialism?
Summarize Lasalle’s theory of history development.
State and criticize in detail Marx’s theory of surplus value. What follows as to Socialism, if this theory fails?
Is Schaeffle a Socialist? If so, why? If not, why not?
State the present attitude of English Socialism, with special reference to the Fabian Society. Note the most important changes from the Marx type.
In what definite ways would Socialism modify the system of private property?

Source: Harvard University Archives. Harvard University Examination papers, 1873-1915. Box 3, Vol. Examination Papers, 1890-92. Papers set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1890), pp. 11-12. Previously posted in Economics in the Rear-view Mirror.

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1889-90
POLITICAL ECONOMY 3.

Enrollment.

[Political Economy] 3. Prof. [Frank William] Taussig and Mr. [John Graham] Brooks. Investigation and Discussion of Practical Economic Questions. — Subjects for 1889-90: Profit-Sharing; the Silver Situation in the United States; Prices since 1850; the Regulation of Railways by the Interstate Commerce Act. — Lectures and discussion of theses. Hours per week: 2. *Consent of instructor required.

Total 19: 15 Seniors, 4 Juniors.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

1889-90
POLITICAL ECONOMY 3.
[Mid-Year Examination. 1890.]

Define Profit-sharing, distinguishing it from Coöperation and from existing forms of the wages system.
What in your opinion are the four most successful experiments, with specific reasons for the choice?
State as definitely as possible the conditions under which Profit-sharing is most likely to succeed.
What are the advantages of immediate as against deferred participation?
How serious is the current objection that the laborer cannot or ought not to bear the losses incident to business?
What of the objection that secrecy is impossible?
What specific evidence is there that an extraordinary person is not permanently necessary to successful Profit-sharing?
State briefly the actual advantages and disadvantages of Profit-sharing as they have appeared in history.
What would be the probably effects of competition upon a larger application of Profit-sharing to our industrial system?
What is the best method of dividing the bonus? Add any criticism upon the actual division as seen in history.
Will self-interest alone insure successful Profit-sharing? If not, how can the difficulty be met without violating “business principles”?

Supplementary Questions.

What, if any, is the nature of the antagonism in Profit-sharing among capitalist, manager, and workman?
What of the objection that Profit-sharing is inconsistent with the nature of a legal contract?
Would a wider application of Profit-sharing modify any given theory (as that of Cairnes or Walker) as to the wage fund?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

1889-90
POLITICAL ECONOMY 3.
[Year-end Examination. 1890.]

In 1887 the Secretary of the Treasury suggested that the purchase by the government of silver for coinage into standard dollars should be subject only to one limitation: that whenever the silver dollars held by the Treasury, over and above those held against outstanding certificates, exceeded $5,000,000, the purchase and coinage should cease.
Explain (1) how the effects of this plan, in the years from 1887 to 1889, would have differed from those of the actual coinage and issue; (2) whether the silver currency so issued could, under any circumstances, be at a discount as compared with gold.
Give the same explanations in regard to a plan by which the government should purchase every month $4,500,000 worth of silver bullion and issue therefor certificates, redeemable, at the government’s option, in gold or silver coin; or, at the holder’s option, in silver bullion at its market value on the day of their presentation for redemption.
What are India Council Bills? How does their issue affect the price of silver?
Point out what bearing you think improvements in production have on the existence and effects of an appreciation of gold.
Explain the following terms, giving examples: (a) group rate; (b) differential; (c) relatively reasonable rates; (d) arbitraries, (e) commodity rate.
Is it unjust discrimination, under the Interstate Commerce Act, (1) to offer a discount to any consignee who receives more than a specified quantity of freight a year; (2) to give a lower rate to regular shippers than to occasional shippers; (3) to refuse to pay mileage for the use of cars furnished by a shipper of cattle, when mileage is paid for the use of cars furnished by a shipper of oil; (4) to charge more per mile on long hauls than on short hauls.
Comment on the following: “The value of service is generally regarded as the most important factor in fixing rates…The value of service to a shipper in a general sense is the ability to reach a market and make his commodity a subject of commerce. In this sense, the service is more valuable to a man who transports a thousand miles than to a man who transports a hundred miles, so that distance is an element in value of service. In a more definite and accurate sense, it consists in reaching a market at a profit, being in effect what the traffic will bear, to be remunerative to the producer or trader.”
Explain how the penalties for violating the Interstate Commerce Act can be enforced, and how they have been enforced.

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1889-90
POLITICAL ECONOMY 4.

Enrollment.

[Political Economy] 4. Mr. [Adolph Caspar] Miller. Economic History of Europe and America since the Seven Years’ War. — Lectures and written work. Hours per week: 3.

Total 106: 25 Seniors, 27 Juniors, 35 Sophomores, 3 Freshmen, 16 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

* * * * * *

From the prefatory note to Benjamin Rand’s (ed.) Selections illustrating economic history since the Seven Years’ War (Cambridge, MA: Waterman and Amee, 1889):

These selections have been made for use as a text-book of required reading to accompany a course of lectures on economic history given at Harvard College.

* * * * * *

1889-90
POLITICAL ECONOMY 4.
[Mid-Year Examination. 1890.]

[Take all of A, and seven questions from B.]

A.

“It has often been imagined that the property of these great masses of land was almost entirely in the hands of the church, the monasteries, the nobility, and the financiers; and that before 1789 only large estates existed, while the class of small proprietors was created by the Revolution. Some consider this supposed change as the highest glory, and others as the greatest calamity of modern times; but all are agreed as to the fact. — Von Sybel, [Economic Causes of the French Revolution] in Selections, p. 52.
(a) What do you consider to be the fact?
(b) Granting the fact, how do you regard the change?
Speaking of the fall of wages in England during the French wars, Mr. Porter [The Finances of England, 1793-1815, Selections, p. 114] says: “Nor could it well be otherwise, since the demand for labor can only increase with the increase of the capital destined for the payment of wages.” Why was there no increase of the capital destined for the payment of wages when, according to J. S. Mill, “the wealth and resources of the country, instead of diminishing, gave every sign of rapid increase”?
Porter [Selections, p. 121] says: “There never could have existed any doubt of the fact that, whenever the necessity for borrowing should cease, the market value of the public funds would advance greatly…. The knowledge of this fact should have led the ministers, by whom successive additions were made to the public debt, to the adoption of a course which would have enabled them to turn this rise of prices to the advantage of the public, instead of its being, as it has proved, productive of loss.”
What was the course adopted and how was it productive of loss? Was this “loss” at all offset by any advantages?
Mention briefly the events associated in your mind with six of the following names: Sheffield; Slater; Coalbrookdale; Young; Dud Dudley; Coxe; Killingworth; Clarkson; “Rocket.”

B.

How was England commercially affected by the loss of her American colonies in 1783?
(a) Compare the French debt and taxation in 1789 with those of England at about the same date.
(b) Point out the significance of England’s debt in 1783 as compared with 1889.
(a) What method would you pursue in investigating the question as to the depreciation of bank notes during the Restriction?
(b) Tooke’s explanation of the high price of bullion during the Restriction. Wherein did it differ from the opinion of the Bullion Committee?
(c) How do you account for the high profits of the Bank of England during the Restriction?
(a) Describe the French assignats and point out wherein they differed from the territorial mandates.
(b) What was the tiers consolidé?
(a) In what particular ways were England and the United States peculiarly benefited by the introduction of steam navigation?
(b) What changes were introduced into the French railway system under Napoleon III.?
(a) Napoleon’s Continental System. Its effects upon England and France respectively.
(b) Point out the chief factors determining the commercial development of the United States from 1789 to 1816.
(a) General commercial and industrial nature of the period 1815 to 1830.
(b) Were the progressive changes of prices a cause or an effect of the disturbances of this period?
(c) How did the increase of pauperism affect the distribution of wealth in England during and following the Napoleonic wars?
(a) Why has the current of liberal commercial opinions been successful in influencing legislation in England, but ineffective in France?
(b) Describe the Merchants’ Petition, and point out its importance.
(a) Formation and constitution of the Zoll Verein.
(b) In what manner were the duties of the Zoll Verein levied?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

1889-90
POLITICAL ECONOMY 4.
[Year-end Examination. 1890.]

[Take all of A and eight questions from B.]

A.

Cairnes [From Cairnes’ Essays in Political Economy, “The New Gold”, in Selections, p. 211] says that “as a general conclusion we may say, that in proportion as in any country the local depreciation of gold is more or less rapid than the average rate elsewhere, the effect of the monetary disturbance will be for that country beneficial or injurious.”
1. By what process of reasoning does Mr. Cairnes reach this conclusion?
2. To what extent was it verified by the history of the new gold movement?
3. What would determine the rapidity of the local depreciation in any country?
The writer in Blackwood’s [“The French Indemnity: The Payment of the Five Milliards” in Selections, p. 250], speaking of the origin of the indemnity bills, quotes M. Say as being of the opinion “that scarcely any part of the indemnity bills was furnished by the current commercial trade of the country.” How were they furnished?
The same writer [Selections, p. 246] says that “the quantities of bills, of each kind, that were bought by the French Government as vehicles of transmission, in no way indicate the form in which the money was handed over to the German Treasury.” Why?
Wells [Recent Economic Changes, p. 218] says “the changes in recent years in the world’s economic condition have essentially changed the relative importance of the two functions which gold, as the leading monetary metal, discharges; namely, that of an instrumentality for facilitating exchanges and as a measure of value.” Describe some of the agencies and evidences of this change in the functions of gold, and point out what influence has thus been exerted upon the value of gold.

B.

Why was an additional supply of gold especially important, 1850-69?
What part did India play in the gold movement, 1851-67? How has her ability in this respect been modified?
To what extent can the decline of our tonnage be ascribed to the effects of the Civil War?
How do you account for the increase of the trading classes during the Civil War?
American wheat and its effect upon English agriculture. How were the results modified by the lord and tenant system?
German coinage and the crisis of 1873. To what extent did it contribute to the fall of prices after 1873?
How did the crisis of 1873 simplify the problem of specie resumption for the United States? Did it do the same for France?
Why did France recover so rapidly after the war of 1870-71?
The Suez Canal and Oriental trade.
Compare the period 1873-89 with the period 1815-30.

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1889-90
POLITICAL ECONOMY 6.

Enrollment.

[Political Economy] 6. Prof. [Frank William] Taussig. History of Tariff Legislation in the United States. — Lectures on the History of Tariff Legislation. — Discussion of brief theses (two from each student). — Lectures on the Tariff History of France and England. Hours per week: 2 or 3. 2d half-year. *Consent of instructor required.

Total 29: 19 Seniors, 9 Juniors, 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

1889-90.
POLITICAL ECONOMY 6
[End-Year]

What grounds are there for believing that the restrictive policy of Great Britain did or did not have a considerable effect on the industrial development of the American colonies?
What was the effect of the political situation in 1824 on the tariff act of that year? in 1842 on the act of 1842?
“The tariff of 1846 was passed by a party vote. It followed the strict constructionist theory in aiming at a list of duties sufficient only to provide revenue for the government, without regard to protection.”—Johnston’s American Politics.
Was the act passed by a party vote? Did it disregard protection? Did it succeed in fixing duties sufficient only to provide revenue?
What basis is there for the assertion that the gold premium, in the years after the civil war, increased the protection given by the import duties?
Under what circumstances was the tariff act of 1864 passed? How long did it remain in force?
Is there any analogy between the effects of the duties on cotton goods after 1816 and those on steel rails after 1870?
Wherein would there probably be differences in the effects of reciprocity treaties (1) with Canada, admitting coal free; (2) with Great Britain, admitting iron free; (3) with Brazil, admitting sugar free?
Apply Gallatin’s test as to the effect of duties on the price of the protected articles, to the present facts in regard to (1) clothing wool, (2) silks.
On what grounds is the removal of the duty on pig iron more or less desirable than that of the duty on sugar?
Is it a strong objection to ad valorem duties that they depend on foreign prices and that therefore the duties are fixed by foreigners? Is it a strong objection to specific duties that they operate unequally?

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1889-90
POLITICAL ECONOMY 7.
Public Finance and Banking.

[Omitted in 1889-90]

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 80.

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1889-90
POLITICAL ECONOMY 8.

Enrollment.

[Political Economy] 8. Mr. [Adolph Caspar] Miller. History of Financial Legislation in the United States. — Lectures and brief theses. Hours per week: 2 or 3. 1^st half-year.

Total 25: 13 Seniors, 10 Juniors, 2 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 81.

1889-90
POLITICAL ECONOMY 8.
[Mid-year examination]

[Take two questions from A, and eight from B.]

The questions under A are supposed to require half an hour each for careful treatment, and those under B fifteen minutes each.

A.

Commenting on those provisions of the Funding Act of August 4, 1790, by which the six-per-cent stock was made “subject to redemption by payments not exceeding in one year, on account of both principal and interest, the proportion of eight dollars upon each hundred, Professor Adams remarks: —
“In our previous study of annuities it was discovered that long-time annuities did not meet the requirements of good financiering, because they unnecessarily embarrassed the policy of debt payment. The same objection attaches to this plan of Mr. Hamilton. The record of subsequent treasury operations renders it reasonably certain that a simple six-per-cent bond, guaranteed to run for twenty years, would have proved satisfactory to public creditors, and have induced them to comply with the other conditions which the Government imposed. This would have brought the larger part of the six-per-cent bonds under the control of Congress in the years 1811 and 1813, and permitted either their redemption or their conversion into stock bearing a reduced rate of interest. But since the right of redemption except at a stated rate, had been signed away, it was found necessary to continue the higher rate of interest upon the common stock till 1818, and upon the ‘deferred stock’ until 1824. As the matter turned out, the war of 1812 would have rendered such an operation upon the common stock impossible, had it been permitted by the contract; but this does not excuse the Federalists for having adopted a bad theory of funding.”
Do you consider this a sound criticism of Hamilton’s plan of funding? By what means do you determine whether or not it met the “requirements of good financiering”?
“Our sinking fund, however, differed materially from that which was adopted in the early financial history of Great Britain, as it was not exclusively applied to the liquidation of a particular debt in existence. It was also unlike that of Mr. Pitt, as the amount of the capital appropriated was not fixed before 1802….Properly speaking, the essential character of a sinking fund was not to be found in the operations of that of the United States.” — Jonathan Elliot, Funding System of the United States and of Great Britain, p. 406, note.
Discuss the above with particular reference to the alleged difference of principle between Pitt’s sinking-fund policy and Hamilton’s. In this connection, also point out carefully what changes were introduced into the sinking-fund policy of the United States in 1802. Do those changes represent any real departure from the principle of Hamilton’s sinking-fund?
“The most generally received opinion is, that, by direct taxes in the Constitution, those are meant which are raised on the capital or revenue of the people….As that opinion is in itself rational,… it will not be improper to corroborate it by quoting the author from whom the idea seems to have been borrowed. Dr. Smith Wealth of Nations, book V. chap. 2) says, ‘The private revenue of individuals arises ultimately from three different sources: Rent, Profit, and Wages. Every tax must finally be paid from some one or other of those three different sorts of revenue, or from all of them indifferently.’ After having treated separately of those taxes which, it is intended, should fall upon some one or other of the different sorts of revenue, he continues, ‘The taxes which, it is intended, should fall indifferently upon every different species of revenue, are capitation taxes, and taxes upon consumable commodities.’ And, after having treated of capitation taxes, he finally says, ‘The impossibility of taxing the people, in proportion to their revenue, by any capitation, seems to have given occasion to the invention of taxes upon consumable commodities. The State, not knowing how to tax directly and proportionably the revenue of its subjects, endeavours to tax it indirectly.’ The remarkable coincidence of the clause of the Constitution, with this passage, in using the word ‘capitation’ as a generic expression, including the different species of direct taxes, — an acceptation of the word peculiar, it is believed, to Dr. Smith, — leaves little doubt that the framers of the one had the other in view at the time, and that they, as well as he, by direct taxes, meant those paid directly from, and falling immediately on, the revenue.” — Albert Gallatin, Sketch of the Finances, p. 12.
Discuss the above with particular reference to the source and meaning of the phrase “direct taxes” in the Constitution of the United States.

B.

“The Act provided, that, if the total amount subscribed by any state exceeded the sum specified therein, a similar percentage should be deducted from the claims of all subscribers. Four ninths of the stock issued by the government for this loan bore interest at six per cent, beginning with the year 1792; on third bore three per cent interest, beginning at the same time, and the balance, two ninths, bore six per cent interest after the year 1800. The latter kind of stock was to be redeemed whenever provision was made for that purpose. And, with respect to seven ninths of the stock, the government was at liberty to pay two per cent annually, if it desired; but no imperative obligation was created to pay it.” — A. S. Boles, Financial History of the United States, vol. II. p. 28.
Is this an accurate statement, so far as it goes, of the provisions of the Act of August 4, 1790, for assuming the State debts?
How is President Madison’s approval of the Bank Act of April 10, 1816, to be reconciled with his bank veto of January 30, 1815?
“During the winter of 1833-34 there was a stringent money market and commercial distress. The State banks were in no condition to take the public deposits. They were trying to strengthen themselves, and put themselves on the level of the Treasury requirements in the hope of getting a share of the deposits. It was they who operated a bank contraction during that winter…The administration, however, charged everything to Biddle and the bank.” — W. G. Sumner, Andrew Jackson, p. 316.
Where do you consider that the real responsibility for the pressure of 1833-34 rested?
What criticism would you make on the financial management of the war of 1812? Was it a fair test of the policy of relying upon public credit for defraying the extraordinary expenses of war?
What kind of currency did the government use and where did it keep its moneys, and under what authority of law, from 1811 to 1864?
How is the extension of accommodations by the Bank of the United States from 1830 to the middle of 1832 to be explained?
What were the terms of the one hundred and fifty million bank loan of 1861, and how was it financially important?
Point out the steps by which the legal-tender notes have become a fixed and permanent part of the currency.
What is the essence of the national bank system, so far as concerns note-circulation, and what bearing does this have upon the future of the system?
Is Mr. Chase entitled to take rank in American history as a great finance minister? State carefully and concisely the grounds of your opinion.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 2. Bound volume. Examination Papers, Mid-Year 1889-90.

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1889-90
POLITICAL ECONOMY 9.
Management and Ownership of Railways.

[Omitted in 1889-90]

Source: Harvard University. Annual Report of the President of Harvard College 1889-1890, p. 81.

Image Source: Harvard University Archives. Harvard Square, 1885.

Tags BrooksJG, Macvane, Mason, MillerAC, Peabody, Taussig

Exam Questions Harvard Socialism

Harvard. Final exams in political economy and ethics of social reform, 1888-1889

Post author By Irwin Collier
Post date 2021-04-12

J. Laurence Laughlin left the Harvard faculty in 1888. The hole he left in the department of political economy’s teaching program was filled by two junior hires whose names were noted in the enrollment statistics published in the annual report of the president of Harvard College for 1888-89: Francis Cleaveland Huntington (A.B. 1887, LL.B. 1891) and John Henry Gray (A.B., 1887).

Huntington ultimately went on to become a New York City lawyer. Judging from the reports of his 1904 marriage, he must have been fairly successful (and/or married into a very well-to-do family). His high-water market in political economy was achieved with this short stint as an instructor, one could say he was Frank Taussig’s wingman for the principles course.

John Henry Gray was another matter altogether, having left Harvard to do graduate work in Europe as a Rogers fellow that culminated in his 1892 doctorate under Johannes Conrad at the University of Halle. His thesis was published in German, Die Stellung der privaten Beleuchtungsgesellschaften zu Stadt und Staat. Die Erfahrungen in Wien, Paris und Massachusetts. Jena, 1893. A fuller c.v. will be the subject of a later post (Besides professorships at Northwestern, Minnesota and Carleton College, Gray served as the AEA president in 1914).

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Philosophy 11. The Ethics of Social Reform.

Enrollment 1888-89.
Philosophy 11.

Prof. Peabody. 11. The Ethics of Social Reform. — The questions of Charity, Divorce, the Indians, Labor, Prisons, Temperance, etc., as problems of practical Ethics. — Lectures, essays, and practical observations. Hours per week: 2.

Total 84: 3 Graduates, 51 Seniors, 23 Juniors, 3 Sophomores, 4 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 71.

1888-89.
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Mid-year Examination, 1889]

[Omit one question].

“Estimating life by multiplying its length into its breadth, we must say that the augmentation of it results from increase of both factors.” — (Spencer, Data of Ethics, p. 14.)
Explain and criticise.
“I am one of those who believe that the Real will never find an irremovable basis till it rests on the Idea.” — (J. R. Lowell, Address on Democracy.)
Illustrate this in the conduct of Charity.
“To lift one man up we push another down” … ”A drunkard in the gutter is just where he ought to be. If a policeman picks him up, the industrious and sober workman bears the penalty.” — (Sumner, Social Classes, pp. 128, 131.)
Comment on the ethics of this view.
Plato’s view of the duty of the State to the diseased and helpless (Republic, III., 407), compared with the view of Christian civilization. What is the philosophical basis of each view?
What do you regard as the most immediately practicable remedy for existing evils in the divorce question? And why?
The practical significance of a study of the evolution of the family as a contribution to the divorce question.
Explain the reaction of “marriage by capture” into polyandry, in primitive society.
“Only the group could weather the first ages.” What picture does this give of primitive society, and what transition has ethnology seen in this respect?
The natural status of woman as suggested by biology.
The place of the family in the Socialist programme. Criticise this view of the end of social evolution.

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89.

1888-89.
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Final Examination, 1889]

Describe the present system of administering Indian Affairs, including education; its machinery, its relation to religious bodies, and the changes now proposed.
In dealing with the Indian Question, by what other social questions of our time are you confronted and what answers to them are suggested to you?
Ruskin’s doctrine of: (a) Exchange, (b) Value, with your own comments and criticisms.
The attitude of the Anarchist toward the social institutions of the United States.
The Socialist’s criticism of the Anarchist, and the Anarchist’s criticism of the Socialist.
“It is right and necessary that all men should have work to do:
“First, Work worth doing;
“Second, Work of itself pleasant to do;
“Third, Work done under such conditions as would make it neither over wearisome nor over anxious.” W. Morris, Art and Socialism, p. 45. — Under what social conditions does the author suppose that work will be thus done? Describe and criticize these conditions.
Why have the attempts to “Christianize” Socialism so often begun with hope and ended in failure?
Consider the objection to Profit-Sharing, that the Employed cannot share losses.
The conditions of success in Productive Coöperation.
How far does a judicious self-interest carry one towards abstinence from intoxicating drink?

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POLITICAL ECONOMY 1.

Enrollment 1888-89
Political Economy 1, First half-year.

Prof. Taussig and Mr. Huntington. 1. First half-year: Mill’s Principles of Political Economy. — Lectures on Social Questions. Hours per week: 3.

Total 232 (Four sections): 1 Graduate, 19 Seniors, 83 Juniors, 95 Sophomores, 4 Freshmen, 30 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 1.
[Mid-year Examination, 1889]

[Arrange your answers strictly in the order of the questions.]

How is the rapid recovery of countries devastated by war to be explained?
Is it for the advantage of the laborers that the rich should spend largely for unproductive consumption?
Is it desirable that a large proportion of the annual produce of a country should be consumed unproductively?
If all land were of equal fertility, equally distant from the market, and all were required for cultivation, would it pay rent?
Explain under which head, — wages, profit, rents, — you would classify the gains of (1) a shop-keeper; (2) a farmer tilling his own land; (3) a manufacturer; (4) a stock-holder; (5) a bond-holder; (6) a house-owner receiving rent for houses.
Can capitalists recoup themselves for a general rise in the cost of labor by raising the prices of their goods?
“Since cost of production fails us in explaining the value of commodities having a joint cost, we must revert to a law of value anterior to cost of production, and more fundamental.” What is this more fundamental law, and what is its application in the case referred to by Mill?
Suppose that
in England one day’s labor produces 25 yards of linens,
in England one day’s labor produces 30 yards of cottons,
in Germany one day’s labor produces 15 yards of linens,
in Germany one day’s labor produces 20 yards of cottons.
Would international trade arise between Germany and England?
If a day’s labor in Germany produced 25 yards of linens, would trade arise?
Suppose a new article of export to appear in the international trade of the United States; what would be the effect on the price in New York of sight bills on London? How long would that effect continue?
What causes the tendency of profits to a minimum (1) in a country whose population is stationary; (2) in a country whose population is advancing? What forces counteract the tendency, and how do they act in each of these cases?
If productive cooperation were universally adopted, how would rent, interest, wages, and “profits” (i.e. wages of superintendence) be affected? How, if socialism were adopted?

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89.

Enrollment 1888-89
Political Economy 1, Second half-year, Division A.

Prof. Taussig and Mr. Huntington. 1. Division A (theoretical). Second half-year: Cairnes’s Leading Principles of Political Economy. — Lectures on Banking and Finance. Hours per week: 3.

Total 127 (Two sections): 1 Graduate, 8 Seniors, 39 Juniors, 60 Sophomores, 4 Freshmen, 15 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 1.
[Final Examination, 1889]
Division A.

[Arrange your answers strictly in the order of the questions.]

“The price of mutton on an average exceeds that of beef in the ratio of 9 to 8; we must conclude that people generally esteem mutton more than beef in this proportion, otherwise they would not buy the dearer meat.”
(a) Give your reasons for agreeing or disagreeing with the above conclusion.
(b) On Jevons’s theory of value, what conclusion should you draw from the given hypothesis?
If you suppose free competition, does Cairnes’s theory of normal value differ essentially from that of Mill? If so, wherein? If not, why not?
Longe “puts the case of a capitalist who, by taking advantage of the necessities of his workmen, effects a reduction in their wages, and succeeds in withdrawing so much, call it £1000, from the wages fund; and asks, how is the sum thus withdrawn to be restored to the fund? On Mr. Longe’s principles the answer is simple — ‘by being spent on commodities’; for it may be assumed that the sum so withdrawn will in any case not be hoarded….The answer, therefore, to the case put by Mr. Longe is easy on his own principles; and I am disposed to flatter myself that the reader who has gone with me in the foregoing discussion will not have much difficulty in replying to it upon mine.”
What is the answer, on Cairnes’s principles, to the case put by Mr. Longe?
What bearing, if any, has the wages-fund theory as expounded by Cairnes upon the question of the ability of trades unions to raise permanently (a) general wages, (b) wages in particular occupations?
“If labor will only be employed where work is to be done, and will be employed more largely in any given work in proportion as there is more of that work to do; and if, again, as the work becomes more urgent the laborer is more sought; why is it wrong to say that it is the interest of the laborer that the quantity of work to be done should be as large and the need for it as urgent as possible?”
Would a general fall of wages in the United States cause an expansion of the country’s international trade? Would a fall of wages in a particular industry?
Did Mill think there were grounds for a separate theory of international trade? Did Cairnes?
How much truth is there in the common opinion that the value of gold is the same the world over?
Mill lays down certain propositions as to the connection between the quantity of money and the general range of prices. How are they modified by what you have learned of deposit banking?
What general causes affected the market price of gold, or in other words the premium on gold, during the civil war? How far did the premium at a given moment indicate depreciation of the paper currency, and what would be a more exact test of such depreciation?

Enrollment 1888-89
Political Economy 1, Second half-year, Division B.

Prof. Taussig and Mr. Huntington. 1. Division B (descriptive). Second half-year: Hadley’s Railroad Transportation. — Laughlin’s History of Bimetallism in the United States. — Lectures on Banking and Finance. Hours per week: 3.

Total 105 (Two sections): 11 Seniors, 44 Juniors, 35 Sophomores, 15 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 1.
Division B.
[Final Examination, 1889]

[Arrange your answers strictly in the order of the questions.]

State the principles upon which the system of subsidiary coinage rests. When were these principles first applied by the United States?
State the causes assigned by Mr. Laughlin for the fall in the gold price of silver since 1873.
In what way, if any, was the change which took place in the value of gold after the gold discoveries in Australia and California different from what it would have been if, at the time, the mint of France had not been open for the free coinage of gold and silver into full legal tender money at a fixed ratio?
In the United States also there was at the same time free coinage of gold and silver into full legal tender money at a fixed ratio. Was the influence exerted by bi-metallism on the value of gold different in these two cases? If so, why?
How did the trade dollar differ in value from the standard dollar (a) in the United States, (b) in foreign countries?
Mill lays down certain propositions as to the effect of an increase or decrease in the quantity of money on general prices. How far are they modified by what you have learned of deposit banking?
Mill divides commodities into three classes, and lays down certain principles of value applying to the three classes, respectively.
In which class would you put the commodity of transportation by railroad, and by what principle is its value determined?
What is meant when it is said that “an effective pooling of through business leaves the hands of railroads free to serve local interests”?
What is meant by “charging repairs to construction”? Why should it ever be done?
In what countries does government ownership of railroads now exist, and how long has it existed in them?
Explain briefly the following terms: differential; long and short haul principle; “dollar of our fathers”; demonetization of silver.
What descriptions of paper, intended to serve as currency, did the United States issue during the civil war?

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POLITICAL ECONOMY 2

Enrollment 1888-89
Political Economy 2.

Prof. Taussig. 2. — Examination of selections from leading writers. — Lectures and discussions; one extended thesis from each student. Hours per week: 3. *Consent of instructor required.

Total 24: 13 Seniors, 9 Juniors, 2 Sophomores.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 2.
[Mid-year and Final Examination, 1889]

Point out wherein the teachings of the mercantile writers on population and on the balance of trade were connected with the political and economic history of their time.
Under what conditions did Adam Smith believe that wages could long remain high? What reasoning led him to his conclusion? Do you think the reasoning sound?
Wherein did Adam Smith’s doctrines as to foreign trade differ from those of Hume and of the Physiocrats?
Ricardo’s chapter on value has been criticized on the following grounds: —
(1) Ricardo asserts, but in no way proves, that value depends on quantity of labor.
(2) He does not state whether he means labor expended on the production of goods, or labor needed for their reproduction.
(3) His principle holds good only of goods of which the production can be increased indefinitely, and as to which competition is free.
(4) The principle is at once modified by the statement that the general rate of profits affects values.
Discuss briefly each objection.
Malthus laid it down that (1) marriages and deaths bear a constant proportion in an old country; (2) with a rise in the standard of living, marriages become less in proportion to population; (3) births, like marriages, bear a constant proportion to deaths, in an old country.
What led Malthus to these conclusions? Does experience bear him out?
By what mode of proof did Malthus show that the wars of the French Revolution had not diminished the population of France? Point out wherein his discussion of this subject is characteristic of the Essay on Population.
Malthus, Ricardo, J. S. Mill, Cairnes, — note briefly how they are related in the history of economic theory.
What would be the movement of wages and prices in case of a general improvement in industrial processes?
What does Cairnes conclude as to the results which Trade Unions can permanently bring about (1) in England; (2) in the United States?

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89.

1888-89.
POLITICAL ECONOMY 2.
[Final Examination, 1889]

On what grounds can you reason that the stock of consumable commodities is likely to be sufficient, or more than sufficient, to last, at the present rate of consumption, till a new stock can be produced? What bearing has the answer on the wages-fund controversy?
Discuss President F. A. Walker’s explanation of business profits in its bearing on the general theory of distribution.
By what reasoning does Cairnes reach the conclusion that, in the present state of society, “the rich will be growing richer, and the poor, at least relatively, poorer.”
Could Cairnes, consistently with his conclusions as to coöperation, oppose measures such as were urged by Lasalle?
Point out wherein Sidgwick’s exposition of the causes determining the rate of interest differs from Mill’s.
What was the attitude toward laissez-faire of Adam Smith? Of Ricardo? Of Cairnes?
What reasons are there why the term “socialist” should or should not be applied to (1) the Christian socialists; (2) advocates of German legislation on workmen’s insurance; (3) followers of Mr. Henry George.
Point out wherein Marx’s discussion of wages is similar to that of Rodbertus.
“From the history of the double standard we reach Gresham’s law, that where two currencies exist side by side the baser will drive the good out; from the prosperity of England we can reason to the principle of free trade, at least for industrially developed nations.” — R. M. Smith. What would Cairnes say to this mode of investigation for the specific questions mentioned?
Comment on the following extracts, separately or in connection with each other:—

“The value of most of the theorems of the classic economists is a good deal attenuated by the habitual assumption…that there is a definite universal rate of profits and wages in a community; this last postulate implying (1) that the capital embarked in any undertaking will pass at once to another in which larger profits are for the time to be made; (2) that a laborer, whatever his ties and feelings, family, habit, or other engagements, will transfer himself immediately to any place where, or employment in which, larger wages are to be earned; (3) that both capitalists and laborers have a perfect knowledge of the condition and prospects of industry throughout the country, both in their own and in other occupations.” — J. K. Ingram.

“In proof of the equalization of profits, Mr. Cairnes urges that capital deserts or avoids occupations which are known to be comparatively unremunerative; while if large profits are known to be realized in any investment there is a flow of capital toward it. Hence it is inferred that capital finds its level like water. But surely the movement of capital from losing to highly profitable trades proves only a great inequality of profits.” — Cliffe Leslie.

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POLITICAL ECONOMY 3

Enrollment 1888-89
Political Economy 3.
Omitted in 1888-89.

[3. Investigation and Discussion of Practical Economic Questions. *Consent of instructor required.]

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

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POLITICAL ECONOMY 4

Enrollment 1888-89.
Political Economy 4.

Mr. Gray. 4. Economic History of Europe and America since the Seven Years’ War. — Lectures and written work. Hours per week: 3.

Total 95: 1 Graduate, 16 Seniors, 46 Juniors, 27 Sophomores, 5 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 4.
[Mid-year Examination, 1889]

[Give one hour to A. Under B omit any two questions except number 5.]

Make a concise statement of the English Navigation and Colonial system.
Give a careful sketch of the English Corn Laws. Discuss the wisdom of these laws and their relation to the general question of Protection.
The Emancipating Edict of Stein. Give the provisions in it; the reasons for it, and the results of it.

“It has been a generally received notion among political arithmeticians that we (the English nation) may increase our debt to £100,000,000, but they acknowledge that it must then close by the debtor becoming bankrupt” [Samuel Hannay, 1756].
Compare the English and Belgian Railway System in their origin, methods, and results.
Give a sketch of the introduction of Steam Navigation. What country felt the beneficial effects first? Why?
Say what you can about the geographical distribution of the Iron, Cotton, and Woolen industries of to-day, both as regards the different countries and also within each country. How did the new inventions and discoveries affect the location of these industries respectively?
Make a clear statement of our Commercial Relations with the West Indies since the independence of the United States. Pay particular attention to the laws under which that trade has been carried on, and the character and importance of that trade to the United States.
What was the attitude of the United States towards a Protective tariff in 1816? How do you account for that attitude?
Say what you can of the Economic effects of Slavery on the South.
The chief arguments used against the abolition of the Slave Trade in England. Were they sound? Why was the abolition postponed to so late a day?
Looking at the history of England since the adoption of Free Trade, what fact can you cite to show that Free Trade has been the best policy for her?

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89.

1888-89.
POLITICAL ECONOMY 4.
[Final Examination, 1889]

[Take all of A, all of B, and two questions from C.]

Pitt’s “perfectly new and solid system of finance,” 1797.
At what actual rate could England borrow in 1797? What methods were used? What provision made for repayment? — [“The Finances of England, 1793-1815.” — Selections.]
Say what you can of the extent, the methods, the importance, and the prospects of the cotton manufacture in the United States. The possibility of successful competition with England in this industry. — [“The Cotton Manufacture.” — — Selections.]
What would have been the effect upon the United States, Australia, and India, respectively, of introducing a gold currency into India when the “new gold” came in? — [“The New Gold.” — — International Results. — Selections.]

The history, present extent, character, benefits, evils, and prospects of immigration to the United States.
At what general periods in this century have the exports largely exceeded the imports of the United States? The imports the exports? The medium by which balances were settled for the time being in each case. The chief commodities exported or imported by the United States in each period.
Describe the plans of Napoleon III. for aiding industry.
Sketch the English factory and workshop legislation. Its economic and political significance. Which political party has been most prominent in securing this legislation?
The coal supply as the basis of England’s industrial and commercial supremacy. The possibility of England’s decline because of the exhaustion of her coal supply.
State the chief provisions of the Resumption Act of 1875. How much cash did the Treasury collect for the purposes of this act before 1879? How was the cash obtained? How much of it was used? What was done with the balance?

The demands for gold, 1871-1883? How was it possible to meet them?
Explain the causes of the variation in the number of failures, and the peculiar local distribution of the failures in the United States, 1873-1879.
T-he causes of the fall in the price of silver in 1876.
The causes of the decline of American navigation since 1860.
What were the internal revenue taxes laid during the civil war, 1861-1865? The relation of those taxes to our customs revenue.

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POLITICAL ECONOMY 5

Enrollment 1888-89
Political Economy 5.
Omitted in 1888-89.

[5. Economic Effects of Land Tenures in England, Ireland, France, and the United States. *Consent of instructor required.]

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

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POLITICAL ECONOMY 6

Enrollment 1888-89
Political Economy 6, Second half-year.

Prof. Taussig. 6. History of Tariff Legislation in the United States.—Lectures and reports on special topics. Hours per week: 2, 2^ndhalf-year. *Consent of instructor required.

Total 34: 18 Seniors, 14 Juniors, 1 Sophomore, 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 6
[End-Year]

[Arrange your answers strictly in the order of the questions.]

State the duties on cotton cloths, woolen cloths, pig iron, and coffee, in 1790, 1840, 1850, 1885, noting whether the duties were specific or ad valorem, and what tariff acts were in force at these dates, respectively [Use tabular form if you wish.]
“Beside the protection thrown over the manufacturing interest by Congress during this period (1789-1812), the war which raged in Europe produced a favorable effect. As the United States was a neutral nation, she fattened on the miseries of the European nations, and her commerce increased with astonishing rapidity. Our manufactures flourished from the same cause, though not to a corresponding degree with our commerce”
Did Congress protect manufactures during this period? Did the wars in Europe have the effect described on our commerce and manufactures?
Wherein were the duties on rolled iron in France, in the first half of this century, similar to those in the United States at the same period? How do you account for the similarity, and what was the effect of the duties in either country?
Why was a compound duty imposed on wool in 1828? Why in 1867? Is such a duty now imposed on wool?
Wherein does the present duty on worsted goods differ from that imposed on woolen goods in 1828? wherein from the present duty on woolens? What has been the effect of the difference between the present rates on woolens and worsteds?
Point out some general features in the tariff act of 1846 which were recommended in Secretary Walker’s Report of the year preceding.
What would be the effect of a treaty with Spain admitting free of duty sugar from Cuba?
Wherein has the effect of the duties of the last twenty-five years been different as to cottons, linens, woolens? Why the differences?
[Omit one of the following:—]
Mill says that certain conclusions which he reaches as to the effect on foreign countries of import duties, do not hold good as to protective duties. Is there good ground for distinguishing as he does between revenue and protective duties.
“The only case indeed in which personal aptitudes go for much in the commerce of nations is where the nations concerned occupy different grades in the scale of civilization…In the main it would seem that this cause does not go for very much in international commerce. The principal condition, to which all others are subordinate, must be looked for in that other form of adaptation founded on the special advantages, positive or comparative, offered by particular localities for the prosecution of particular industries.”—Cairnes, Leading Principles.
Discuss, with reference to the general line of reasoning in this passage, the international trade of the United States in (1) glassware, (2) hardware and cutlery, (3) hemp and flax [take any two].
Comment on the following:—
“The manufacture of silk goods in the United States at the present time [1882] probably supplies an example of an industry which, though comparatively new, can hardly be said to deserve protection as a young industry. The methods and machinery in use are not essentially different from those of other branches of textile manufactures. No great departure from the usual track of production is necessary in order to make silks….Those artificial obstacles which might temporarily prevent the rise of the industry do not exist; and it may be inferred that, if there are no permanent causes which prevent silks from being made as cheaply in the United States as in foreign countries, the manufacture will be undertaken and carried on without needing any stimulus from protecting duties.”— Taussig, Protection to Young Industries.

Political Economy 6. Grade Distribution 1888-89, 2d half-year.

Total (32)	Senior (16)	Junior (14)	Other (2)
A	2	2
A-	1
B+	3	2
B	4	4
B-	1	1
C	1	3	2
D	4
E		2

Source: Harvard University Archives. Harvard University. Examination Papers, 1873-1915. Box 3, Papers set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College, June, 1889. Grade distribution source: Harvard University Archives. Examination papers in economics, 1882-1935. Prof. F. W. Taussig.

_____________________

POLITICAL ECONOMY 7

Enrollment 1888-89
Political Economy 7.

Prof. Dunbar. 7. Taxation, Public Debts, and Banking. Hours per week: 3. *Consent of instructor required.

Total 7: 3 Graduates, 3 Seniors, 1 Junior.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 7.
[Mid-year Examination, 1889]

Commenting upon taxes on commodities, Mill remarks that “the necessity of advancing the tax obliges producers and dealers to carry on their business with larger capitals than would otherwise be necessary,” the excess being “employed in advances to the state, repaid in the price of the goods,” for which “the consumers must give an indemnity to the sellers.”
Compare in this respect the several methods of taxing tobacco.
Everything considered, which method appears to you the best, and why?
How much difference is there in theory between a tax of repartition like the French land tax and tax levied by a general rate, or tax of quotité?
Discuss the importance of the familiar proposition that taxation should not encroach upon capital or hinder its increase, with special reference to these three cases: —
(a) The taxation of business profits at the same rate as incomes from invested property, as g. in the English Schedules D and A;
(b) Succession duties, which Ricardo regards as in practice a deduction from capital;
(c) Graduated taxation, which lays a heavier percentage on the larger properties or incomes than on the smaller.
Supposing all difficulty in the way of obtaining a full disclosure to be removed and the returns to be complete, would it be better to tax the assessed value of property or the actual income derived from it?
In the following cases, which may serve for illustration, the assessment is supposed to fairly represent the selling value: —

	Assessed.	Income.
Improved real estate	$20,000	$1,200
Vacant land	$10,000	nil
Railroad stock, 50 sh.	$10,000	$400
Railroad stock, 50 sh.	$5,500	$200
Railroad stock, 50 sh.	$4,500	nil
Railroad bonds, $5,000	$3,000	nil
Railroad bonds, $5,000	$3,500	$200

Cossa, discussing the taxation of public debts, (1) favors it “on principles of justice and equity, which are opposed to fiscal privileges in favor of the creditors of the state, who should not be released from the fulfilment of the duties of citizens”; and (2) suggests in answer to the argument that public credit would be thereby injured, “that a moderate impost does not produce the anticipated evils, because the tendency towards a decline of the public credit may be balanced by a tendency to rise owing to financial improvement, partly due to the impost itself.”
Examine these two points.
In answering the proposition that

Every man ought to be taxed [solely] on all that property which he consumes or appropriates to his exclusive use,

President Walker says among other things that,

If wealth not devoted to personal expenditure is to be exempt from taxation on the ground that it is to be used for the public good, it unmistakably is the right, and it might even become the duty of the state, to see to it that such wealth is, in fact, in all respects and at all times put to the best possible use. Indeed, if any citizen protests against taxation on the ground that his tools “are working the business of the state,” — how can the state, without injustice to all other citizens, excuse him from contribution without requiring that he shall exhibit satisfactory evidence, not only that his tools are really working its business, but that they are doing this in the most thorough, efficient and economical manner? If this is not socialism of the rankest sort, I should be troubled to define socialism.

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89.

1888-89.
POLITICAL ECONOMY 7.
[Final Examination, 1889]

State the conditions under which loans will sell higher or lower by reason of
(a) annual drawings by lot for payment;
(b) reserved right to pay at pleasure;
(c) agreement to pay at or after some distant date;
(d) arrangement like that of the “Five-twenties.”
When the United States issued the 5-20 bonds (principal and interest payable in gold) they had the choice between three courses, viz.:—
(a) to sell the bonds for par in gold and make the rate of interest high enough to attract buyers;
(b) to sell the bonds for gold at such discount as might be necessary, their interest being at six per cent.;
(c) to sell the bonds at their nominal par in depreciated paper.
Which course now seems to you the best of the three, and why?
In discussing the Aldrich plan for converting the 4 per cents. into 2½ per cents. by paying the creditors the present worth of 1½ per cent. interest for the period 1889-1907, Mr. Adams says:—

“It will be noticed that there is one essential difference between the anticipation of interest-payments, and the anticipation of the payment of the principal of a debt by purchases on the market. This latter procedure, as has been shown, is expensive, because it requires a larger sum of money to extinguish a given debt than will be required after the debt comes to be redeemable; but no such result follows the anticipation of interest-payments. These are determined by the terms of the contract, and may be calculated with accuracy. The interest does not, like the market value of a debt, fall as the bonds approach the period of their redemption, and it is but the application of sound business rules to use any surplus moneys on hand in making advanced payments of interest.”— Public Debts, p. 278.
What do you say to this reasoning?

Explain the English method of using terminable annuities as a sinking fund, and its advantages or disadvantages.
As an ultimate arrangement of the right of issuing bank notes, should you give your preference (a) to a system which gives the right to a single bank or to few banks, as in the English and Continental practice, or (b) to a system of free banking like that contemplated by the law of the United States; and why?
Bonamy Price says “the Bank of England has become a non-issuing bank.”
How is this remark to be justified and yet reconciled with the course of events on those occasions when, as in November, 1857, it has been necessary to suspend the provisions of the act of 1844?
Give an outline of the German system of banks of issue.
Considering deposits as a part of the currency, how do you extend to them the usual reasoning as to the dependence of the value of currency on (a) its quantity, rapidity of circulation, and the quantity of transactions to be effected, and (b) the cost of the precious metals?

_____________________

POLITICAL ECONOMY 8

Enrollment 1888-89
Political Economy 8, First half-year.

Prof. Dunbar. 8. History of Financial Legislation in the United States. Hours per week: 2. 1^sthalf-year. *Consent of instructor required.

Total 44: 28 Seniors, 12 Juniors, 4 Others.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 8.
[Final Examination, Mid-year, 1889]

In what manner is it probable that the first Bank of the United States effected what Hamilton declared to be one of the principal objects of a bank, viz. “the augmentation of the active or productive capital of a country”?
The act of 1790, providing for the assumption of State debts, fixed the maximum which could be assumed for every State, as e.g. for Connecticut $1,600,000. What effect would it have on the fairness of the settlement of accounts with any State, if its outstanding revolutionary debt were found to be more or less than the amount thus to be assumed for it?
Comment on the following extract:—
“It is sometimes said that Mr. Hamilton believed in a perpetual debt, and when one notices the form into which he threw the obligations of the United States, the only escape from this conclusion is to say that he was ignorant of the true meaning of the contracts which he created.” — [H.C. Adams, Public Debts, p. 161]
How did Hamilton’s financial system tend to increase the political strength of the Government, and in what features of the system is this tendency most marked?
Describe the general condition of the public finances just before the news of peace arrived in 1815.
Inasmuch as Jackson’s general prepossessions were unfavorable to all banks, how are we to explain his resort to the plan of depositing Government funds in State banks after the removal of the deposits in 1833?
How did the specie circular of 1836 and the deposit of surplus revenue with the States affect the banks and help to produce the revulsion of May, 1837?
What law, if any, regulated the deposit of public funds by the Treasury in 1837, and what changes of system were made down to the passage of the Independent Treasury act of 1846?
What is to be inferred from the provisions of the Legal Tender act of February, 1862, as to the intention of Congress with respect to the payment of the principal of the five-twenty bonds in paper?
Several rulings made in the Treasury Department [House Exec. Doc. 1885-86, No. 158, p. 15] have declared a State’s unpaid quota of the direct tax of 1861 to be a debt due by the State as a body corporate, and so to be properly chargeable against any money which the General Government may chance to owe the State. What is to be inferred on this point from the provisions made for the collection of previous direct taxes?
What were the circumstances which gave such peculiar importance to Grant’s veto of the inflation bill of 1874?
What were the forms in which the question as to the power of Congress to make a paper legal tender presented itself, in the three cases,

Hepburn v. Griswold (1869),
Knox v. Lee (1872), and
Juillard v. Greenman (1884),

respectively?

Source: Harvard University Archives. Harvard University. Mid-year examinations, 1852-1943. Box 2, Bound Volume Examination Papers, Mid-Year, 1888-89. Also, Harvard University Archives. Harvard University. Examination Papers, 1873-1915. Box 3, Papers set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College, June, 1889.

Enrollment 1888-89
Political Economy 9, Second half-year.

Mr. Gray. 9. Management and Ownership of Railways. — Lectures and written work. Hours per week: 2. 2^ndhalf-year. *Consent of instructor required.

Total 13: 5 Seniors, 8 Juniors.

Source: Harvard University. Annual Report of the President of Harvard College 1888-1889, p. 72.

1888-89.
POLITICAL ECONOMY 9.
[Final Examination, 1889]

Take all in Group A; two in Group B.

Explain briefly any five:
1. Cost of Service.
2. Value of Service.
3. Differential rate.
4. Grouping (of rates).
5. Pooling.
6. Fixed Charges.
7. Operating Expenses.
8. Common Carrier.
9. Cumulative Voting.
10. “Railroad” (as used in the Act to Regulate Commerce).
State clearly under what conditions Competition “may make out the dissimilar circumstances entitling the carrier to charge less for the longer than for the shorter haul, etc.”, under the Interstate Commerce Act.
Discuss one of the following cases decided by the Interstate Commerce Commission:
(1) Boston Export Rates. Boston Chamb. Com. v. Lake Shore, etc., R.R. Co. — I.I.C.C.R. 436.
(2) Providence Coal Co. v. Providence & Worcester R.R. Co. — I.I.C.C.R. 107.
(3) Boards of Trade Union of Farmington, etc. v Chicago, Milwaukee and St. Paul R’y. Co. — I.I.C.C.R. 215.
State the principles which, in your opinion, ought to govern railroad rates.
Take either (a) or (b).
(a) The benefits and the evils of general railroad incorporation laws. The extent to which special charters can be obtained in the United States.
(b) Compare the security of railway investments in France, England and the United States.
Take either (a) or (b).
(a) Give a careful account of the powers and the work of the Massachusetts Railroad Commission.
(b) Compare the English Railway Commission of 1873-88 with the Interstate Commerce Commission.
History of the English Railway Clearing House. The Desirability and the possibility of such an organization in the United States.

Competition as a regulator of rates. Particulars in which Competition among railroads differs from ordinary business Competition.
Relation of the French Government to the Railroads compared with the Relation of the German Government to the Railroads.
What do you consider the “Railroad Problem” of to-day? What indications do you see of a reasonable solution of that problem?
Discuss the statement that whatever partakes of the nature of a monopoly can be better managed by the Government than by a private Corporation.

Image Source: Harvard University, Memorial Hall, 1923. Boston Public Library, Leslie Jones Collection.

Tags Dunbar, GrayJH, Huntington, Peabody, Taussig

Exam Questions Harvard

Harvard. Semester examinations in all political economy courses, 1887-1888

Post author By Irwin Collier
Post date 2021-02-14

In this post we have a complete collection of the semester examinations for the eight courses in political economy taught at Harvard during the 1887-88 academic year. As an extra bonus we have the examinations for the Philosophy course “Ethics of Social Reform” that clearly included a good chunk of the normative political economy of its time.

Fun facts: Mr. Gray, who taught the less theoretical sections of the second half of the principles course, was John Henry Gray (1859-1946) who had received his A.B. from Harvard in 1887 and who went on to receive a Ph.D. in 1892 at the University of Halle-Wittenberg in Germany under Johannes Conrad. In addition to having professorships at Northwestern, Carleton College and the University of Minnesota, Gray was president of the AEA in 1914.

_______________________

Political Economy 1. Course Description and Enrollment
1887-88

Political Economy 1. First half-year: Mill’s Principles of Political Economy.—Lectures on Banking. Profs. Laughlin and Taussig.

Total 210: 2 Graduates, 29 Seniors, 83 Juniors, 69 Sophomores, 5 Freshmen, 22 Others. (Four sections).

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

Political Economy 1
1887-1888.
[Mid-year examination]

Is productive consumption necessarily consumption of capital? Can there be unproductive consumption of capital?
Distinguish which of the following commodities are capital, and, as to those that are capital, distinguish which you would call fixed capital and which circulating.
A ton of pig iron; a plough; a package of tobacco; a loaf of bread; a dwelling-house.
Can you reconcile the statement that one or other of these commodities is or is not capital with the proposition that the intention of the owner determines whether an article shall or shall not be capital?
Suppose an inconvertible paper money to be issued, of half the amount of specie previously in circulation. Trace the effects (1) in a country carrying on trade with other countries, (2) in a country shut off from trade with other countries.
Explain in what manner the proposition that the value of commodities is governed by their cost of production applies to wheat, to iron nails, and to gold bullion.
Explain the proposition that rent does not enter into the cost of production. Does it hold good of the rent paid for a factory building? Of the rent paid for agricultural land?
It has been said that wages depend (a) on the price of food, (b) on the standard of living of the laborers, (c) on the ratio between capital and population. Are these propositions consistent with each other? Are they sound?
Suppose that
One day’s labor in the United States produces 10 pounds of copper,
One day’s labor England produces 8 pounds of copper,
One day’s labor in the United States produces 5 pounds of tin,
One day’s labor England produces 5 pounds of tin,
Would trade arise between England and the United States, and if so, how?
Suppose that, other things remaining as above, one day’s labor in England produced 12 pounds of copper, would trade arise, and if so, how?
Explain what is meant when it is said that “there are two senses in which a country obtains commodities more cheaply by foreign trade: in the sense of value, and in the sense of cost.”
Arrange in proper order the following items of a bank account: Capital, $300,00; Bonds and Stocks, $35,000; Real estate and fixtures, $20,000; Other assets, $20,000; Surplus, $80,000; Undivided Profits, $10,500; Notes, $90,000; Cash, $110,000; Cash items, $90,000; Deposits, $850,000; Loans, $1,050,000; Expenses, $5,500. ,
Suppose loans are repaid to this bank to the amount of $100,000. One half by cancelling deposits, one quarter in its own notes, and one quarter in cash; how will the account then stand?
What is the effect of the use of credit on the value of money? Wherein does credit in the form of bank deposits exercise an effect on the value of money different from that of credit in the form of bank notes?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

* * * * * * * * * * * * *

Political Economy 1A.
Course Description and Enrollment
1887-88

Political Economy 1. Second half-year: Division A. Mill’s Principles.—Cairnes’s Leading Principles.—Bagehot’s Postulates of Political Economy.—Lectures on Financial Legislation. Mr. [John Henry] Gray.

Total 90: 4 Seniors, 33 Juniors, 44 Sophomores, 1 Freshman, 8 Others. (Two sections).

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

POLITICAL ECONOMY 1.
DIVISION A.
[Year-end examination, 1888]

From the causes now enumerated, unless counteracted by others, the progress of things (society) enables a country to obtain at less and less of real cost, not only its own productions, but those of foreign countries.”—Mill, Bk. IV, c.1.
Explain what is meant by the “causes now enumerated,” and also what the counteracting influences are. Do the counteracting influences affect all commodities equally and at the same time?
Mill says, “…if there are human beings capable of work and food to feed them they may always be employed in producing something.” Wakefield says, “Production is limited not solely by the quantity of capital and labor, but also by the extent of the field of employment.”
Explain what is meant by the “field of employment,” and reconcile the two statements, if possible.
One of the objects of the Land Tenure Association, of which Mill was President, was “To claim for the benefit of the State the interception by Taxation of the Future Unearned increase of the Rent of Land.”
Discuss the justice of such a plan, compare it with Henry George’s proposal on the same subject, and show the difficulties in administering it.
Characterize each of Adam Smith’s Canons of Taxation by a word or phrase. Explain the meaning of each, and discuss them briefly in relation to our present system of national taxation.
Discuss the justice and desirability of an Income Tax. Should there be any exemptions from such a tax? If so, why? If not, why not? Are the practical difficulties in the way of an Income Tax greater now than they would have been a century ago?
On what circumstances does industrial competition depend? Does the development of Industry increase or does it decrease the extent of the field over which such competition is effective?
Point out any mistakes of the English School of Political Economy as to the importance and extent of competition.
(a) “Let the price of labor in Victoria only fall to the same level as in the countries from which it imports its wheat…and it will at once become profitable to raise wheat in Victoria from soils from which it cannot now be raised with profit.”
What would be Ricardo’s reply to this proposition? Would it be adequate?
(b) Suppose that England could by some mechanical intervention, unknown to the rest of the world, reduce by three fourths the present cost of producing woollens, what would be the effect on her foreign trade, and on the remuneration of her labor?
Suppose the United States and Great Britain in Commercial Equilibrium. Then a very large number of American citizens go to Great Britain to reside. What effect does this have on the equilibrium? How does it affect International Values as between the United States and Great Britain?
How did depreciation of the currency facilitate the sale of five-twenty bonds in 1863-64?
State the provisions of the Resumption Act.
By what reasoning was Cairnes led to predict the occurrence of the conditions which favored resumption?

Source: Harvard University Archives. Examination papers, 1873-1915. Box 3, Bound Volume: Examination Papers, 1887-89. Papers Set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College. June, 1888.

* * * * * * * * * * * * *

Political Economy 1B.
Course Description and Enrollment
1887-88

Political Economy 1. Second half-year: Division B. Mill’s Principles (selections).—Jevons’s The State in Relation to Labor.—Taussig’s Present Tariff.—Hadley’s Railroad Transportation.—Lectures on Social Questions and on Financial Legislation. Prof. Taussig.

Total 117: 2 Graduates, 25 Seniors, 49 Juniors, 25 Sophomores, 4 Freshmen, 12 Others. (Two sections).

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

POLITICAL ECONOMY 1.
DIVISION B.
[Year-end examination, 1888]

Arrange your answers strictly in the order of the questions.

Explain what was Mill’s proposal in regard to a tax on rents, and state the reasons urged by him in its support. Point out wherein the tax proposed by him differs from a special tax on all rents from real estate.
Wherein is the effect of an import duty on coffee different from that of an import duty on woolen goods? Would your conclusion be different if coffee were a monopolized article abroad? If woollen goods were a monopolized article at home?
What are the present duties on these articles?
It is said that if present duties on manufactured articles were repealed, the labor and capital engaged in producing them would turn to agriculture, and that more agricultural commodities would then be produced than there was a market for. What should you say?
Give the main provisions of present English legislation on factories.
A certain cooperative society in England pays (1) interest on loans, (2) a dividend to share holders, (3) a dividend to purchasers and (4) a bonus to workmen. What kind of coöperation is typified by its operations?
At [sic, “As”?] common law combinations to raise or maintain prices are invalid. Explain wherein the Interstate Commerce Act makes a similar provision as to pooling by railroads, and wherein a different provision. What reasons are there why the law in regard to railroads should be different from the law in regard to other industries?
Why are cheap bulky goods charged with lower freight rates on railroads than compact expensive goods? Mention an analogous case in another industry.
It is said that the large fixed capital invested in railroads makes it possible for railroad charges to be so low as not to repay cost. Is this possible? Suppose it to be so; would such a state of things be inconsistent with the principle that the value of commodities is fixed by their cost of production?
State the causes which affected the gold premium in 1863-64, and explain how the depreciation of the currency facilitated the sale of the five-twenty bonds in those years.
State the provisions of the Resumption Act, and the circumstances which made it easy to resume specie payments at the date fixed upon.

_______________________

Political Economy 2.
Course Description and Enrollment
1887-88

Political Economy 2. History of Economic Theory.—Distribution.—The Scope and Method of Political Economy.—Socialism. Lectures, preparation of theses, and discussion of selections from leading writers. Prof. Taussig.

Total 29: 4 Graduates, 14 Seniors, 8 Juniors, 1 Sophomore, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 2.
[Mid-year examination. 1888.]

Compare the treatment of the theory of money by Boisguillebert, Law, and Hume.
What was Adam Smith’s doctrine as to rent, and wherein does it differ from that of the Physiocrats, and from that of Ricardo?
Make a brief comparison between the general characteristics of the economic writings of Adam Smith and of J. S. Mill.
Explain how Malthus illustrated and applied his general principles in his discussion of the movement of population in (a) Sweden and Norway, (b) Switzerland, (c) France during the Revolutionary wars. [Take one of these three.)
“Mr. Malthus thinks that a low money price of corn would not be favourable to the lower classes of society, because the real exchangeable value of labour, that is, its power of commanding the necessaries, conveniencies, and luxuries of life, would not be augmented, but diminished, by a low money price. Some of his observations on this subject are certainly of great weight, but he does not sufficiently allow for the effect of a better distribution of the national capital on the situation of the lower classes. It would be beneficial to them, because the same capital would employ more hands; besides, the greater profits would lead to more accumulation; and thus a stimulus would be given to population by really high wages, which could not fail for a long time to ameliorate the condition of the laboring classes.”— Ricardo, Essay on the Influence of a Low Price of Corn.
Explain (a) whether this states fairly Malthus’s opinion as to the effect of cheap food; (b) what Ricardo meant by “a better distribution of the national capital”; (c) what light the concluding sentence throws on Ricardo’s view of the effect on wages and profits of cheap food.
“The notion that any portion of the wealth of the country should be ‘determined’ to the payment of wages seems to shock Mr. Longe’s sense of economic propriety; which is strange, seeing that his own doctrine — that it is ‘the demand for commodities which determines the quantity of wealth spent in the payment of wages’ — plainly involves this consequence. He puts the case of a capitalist who, taking advantage of the necessities of his workmen, effects a reduction of wages and succeeds in withdrawing so much, say £1000, from the Wages-Fund; and asks how is the sum thus withdrawn to be restored to the fund? On Mr. Longe’s principles the answer is simple,—‘by being spent in commodities’; for it may be assumed that the sum so withdrawn will, in any case, not be hoarded. * * * The answer, therefore, to the case put by Mr. Longe is easy on his own principles; and I am disposed to flatter myself that the reader who has gone with me in the foregoing discussion will not have much difficulty in replying to it on my own.”— Cairnes, Leading Principles.
What is the answer on Cairnes’s principles?
Would the explanation which the Wages-Fund theory gives of the causes regulating the rate of wages apply to a society in which a system of profit-sharing had been universally adopted?
Wherein does Ricardo’s treatment of the manner in which profits affect value differ from Cairnes’s treatment of the same subject?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

* * * * * * * * * * * * *

1887-88
POLITICAL ECONOMY 2.
[Year-end examination. 1888.]

“Cairnes, who earnestly maintained that capital is divided into wages, raw material, and fixed capital, argued that trades-unions could not increase wages in the several trades, because, if they did so, they would reduce profits below the rate which would make investment worth while. On his own doctrine, increased wages could not trench on profits. He should have argued that wages, if increased by a trades-union, could only be increased at the expense of raw material and fixed capital, which would be far more difficult than to increase them at the expense of profits. Indeed, if the trades-union movement did not coincide with a new distribution of capital into its three parts (a new distribution which would produce a rise in wages), the trades-union could not possibly force an advance at the expense of raw materials or fixed capital.” — W. G. Sumner, Collected Essays.
Can you reconcile Cairnes’s reasoning on trades-unions with his doctrine as to the wages fund?
“The railroads of the United States receive annually two hundred and ten millions of dollars for transporting passengers. Those receipts came in day by day, yet the railroad company habitually pays its employees at the close of the week or at the close of the month. Here we have a very large class of services where the employer receives the price of his product before he pays for the labor concerned in its production. The railroads of the United States also receive annually for freights five hundred and fifty millions. The greater portion of this amount is collected before the track hands and the station hands have received the remuneration for their share of the service. . . . To descend to the other end of the scale of dignity, hotel keepers and, in less degrees, boarding-house keepers collect their bills before they pay their cooks, chambermaids, and scullions. Nearly all receipts of theatre, opera, and concert companies are obtained day by day, although their staffs and troupes are borne on monthly or weekly pay-rolls.” — F. A. Walker, in the Journal of Economics, April, 1888.
Are these facts inconsistent with the proposition that wages are paid out of capital?
What should you say to the doctrine that the real source of wages is in the incomes of the consumers of the articles made by the laborers?
It has been said that “Mr. Walker’s theory is, in reality, not a theory of manager’s earnings at all, but a theory of difference in manager’s earnings.” Do you think this is a sound criticism?
Explain what was Bastiat’s doctrine as to value; point out wherein it was like or unlike Carey’s doctrine on the same subject; and state briefly Cairnes’s criticism on Bastiat.
“There are two kinds of sociological inquiry. In the first kind, the question proposed is, what effect will follow from a given cause, a certain general condition of social circumstances being presupposed. As, for example, what would be the effect of abolishing or repealing corn laws in the present conditions of society or civilization in any European country, or under any other given supposition with regard to the circumstances of society in general; without reference to the changes which might take place, or which may be already in progress, in those circumstances. But there is also a second inquiry, namely, what are the laws which determine those general circumstances themselves. In this last the question is, not what will be the effect of a given cause in a certain state of society, but what are the causes which produce, and the phenomena which characterize, states of society generally.” — Mill’s Logic.
What reasons are there for saying that different methods should be applied to these two kinds of inquiry? and what are the differences in method?
Can the legislation of Germany on workmen’s insurance be said to be socialistic in a sense in which (a) the Christian socialist movement in England, and (b) the regulation or ownership by the state, are not socialistic?
Suppose production coöperation were universally adopted; wherein would the organization of society differ from that which socialism proposes?

_______________________

Political Economy 3.
Course Description and Enrollment
1887-88

Political Economy 3. First half-year. Investigation and Discussion of Practical Economic Questions.—Short theses. Prof. Laughlin.

Total 23: 1 Graduate, 12 Seniors, 8 Juniors, 1 Sophomore, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 3
[Mid-year examination]

In what way, in your opinion, is the discussion of a “standard of value” related to the questions involved in Bimetallism?
How far can the figures of coinage be used to show the operation of Gresham’s Law? Illustrate by reference to the history of our coinage. Are all coins intended for circulation?
Compare the production of silver in 1780-1820 with that for the period since 1872. Were the results of production the same?
Distinguish between “Free coinage” and gratuitous coinage. What is “seigniorage”? Has the theory of seigniorage any connection with the circulation of our subsidiary coinage, or the silver dollar?
Discuss the results of the recent legislation permitting the issue of small silver certificates.
How far can legislation regulate the value of metallic money?
Compare the impelling causes for the passage of the English Navigation Laws in 1651 and the American Navigation Laws of 1789 and 1817.
Enumerate briefly any provisions of existing laws which operate to prevent the increase of our ocean tonnage.
Distinguish between the conditions affecting our shipping before 1856, and since. If our shipping flourished in the former period, are there the same reasons to suppose it should be as prosperous in the later period?
How far have the customs-duties imposed during the Civil War affected ship-building? Have they influenced ship-sailing?
In what way may foreigners procure a ship built in the United States cheaper than citizens of this country can procure them? Does this affect our tonnage?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

_______________________

Political Economy 4.
Course Description and Enrollment
1887-88

Political Economy 4. Economic History of Europe and America since the Seven Years’ War.—Selections for required reading. Prof. Dunbar.

Total 102: 3 Graduates, 38 Seniors, 29 Juniors, 25 Sophomores, 7 Others.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 4
[Mid-year examination]

[Answer all of A, and eight questions from B]

A.

Why did the period of the wars 1793-1815, when England was making enormous unproductive expenditures and subjecting herself to severe taxation, nevertheless present many of the appearances of high prosperity? [See the extract from Porter, 113-115.]
What was Napoleon’s Milan decree, and the occasion for its issue? [See the extract from Levi.]
“The general feeling in Germany towards the Zoll-Verein is, that it is the first step towards what is called the Germanization of the people.”—[Extract from Bowring, 138.]
Why was the Zoll-Verein more effective for this purpose than the Confederation?

B.

In what way was the English colonial system less injurious to the colonies than that of any other important power of the time?
English legislation on Indian cotton goods: dates, purpose, and effects, good or bad.
The school of writers known as the French Economistes.
How did the American Revolution tend to prepare the way for that in France?
The date and cause of the English Bank Restriction and its duration.
What was the pressure which compelled Prussia to adopt the emancipating edict of 1807?
American manufactures before 1808 and after.
Why were the years 1815-30 a period of general commercial embarrassment and irregularity?
What special advantages for the cotton, woolen, and iron manufactures respectively did England exhibit prior to the great inventions?
How did free trade become a commercial necessity for England?
The system on which railway building was undertaken in the United States, England, Belgium, France, and Prussia respectively.

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 4
[Year-end examination]

[Answer all of A, and ten questions from B]

A.

The writer in Blackwood’s [Selections, p. 248], speaking of the use of bills of exchange in the payment of the French Indemnity, says: “How came it that £170,000,000 of bills could be got at all’ [e. in what transactions were bills created so much in excess of the usual supply]?
Cairnes [Selections, p. 218], says that “as the final result of the above movement [of the new gold] we find that while the metallic systems of England and the United States are receiving but small permanent accessions, those of India and China are absorbing enormous supplies.” Why?
Of the two pairs of countries above named which pair gained most from the movement, and why?

B.

Is it probable that England would have adopted Free Trade, if the refusal of other countries to follow her example had been foreseen?
What caused the rapid growth of American navigation down to 1857-60?
How are the prices, usually taken as measuring the value of gold, affected by quick transportation and telegraphs?
England and the Suez Canal.
Banking in France and Germany is said to be in an undeveloped condition. Illustrate this by comparison with the development of banking methods in England and the United States.
Is England a gainer or a loser by the extension of our wheat area and the consequent cheapness of supply from this country?
How did the payment of the French Indemnity contribute to the financial crisis of 1873 in the United States?
How did the crisis of 1873 help to bring about the resumption of specie payment in this country?
Compare the three cases of resumption,— the United States, France, and Italy,–as regards the kinds of currency in use and the general method adopted.
Fawcett [God and Debt, p. 122] says of the public debts of the world, that “the actual liquidation of this vast sum, amounting to just about eight times the total of all the gold and silver used as money in Europe and America, is, of course, not to be contemplated — it is impossible.”
How does the revived colonial enterprise of our day differ from that of the last century as regards the purposes and expectations of the colonizing nations?
The great political consolidations in Europe have brought with them enormous military burdens. How should you say that this loss has been offset?

_______________________

1887-88
POLITICAL ECONOMY 5
Economic Effects of Land Tenures in England, Ireland, France, and Germany
[ Course Omitted in 1887-88]

_______________________

Political Economy 6.
Course Description and Enrollment
1887-88

Political Economy 6. Second Half-year. History of Tariff Legislation in the United States.—Lectures, required reading, and investigation of special topics. Prof. Taussig.

Total 58: 5 Graduates, 31 Seniors, 17 Juniors, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

Topics and References in Political Economy VI.
Harvard College. Tariff Legislation in the United States. Cambridge, Mass., 1888.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 6
[Year-end examination]

“I will not argue the question whether, looking to the policy indicated by the laws of 1789, 1817, 1824, 1828, 1832, and 1842, there has been ground for the industrious and enterprising people of the United States, engaged in home pursuits, to expect government protection for internal industry. The question is, do these laws, or do they not, from 1789 to the present time, constantly show and maintain a purpose, a policy, which might naturally induce men to invest property in manufactures, and to commit themselves to those pursuits in life? Without lengthened argument, I shall take this for granted.”—Webster, Speech of 1846.
Was Webster justified in taking so much for granted?
Compare the treatment of the bearing of protective duties on wages in Hamilton’s Report on Manufactures with the treatment of the same topic in Walker’s Report of 1846, and give an opinion on the value of the discussion at the hands of both statesmen.
What connection has been alleged to exist, and what connection in fact existed, between tariff legislation and general prosperity in 1837-39, in 1843, and in 1857?
Point out wherein the duties on wool and woolens under the act of 1828 resembled, and wherein they differed from, the duties on the same articles under the act of 1867.
Compare the effect of the duties on cotton goods between 1816 and 1824, with the effect of the duties on the same goods between 1864 and 1883.
Point out wherein Mill’s reasoning as to the effect of an import duty on the terms of an international exchange is different from the export tax theory of 1832.
Explain what conclusions you can draw as to the economic effect of the duties on pig iron between 1870 and 1888, from your knowledge of foreign and domestic prices, duties, domestic production, and imports.
Explain why the duty on imported sugar has not stimulated the production of beet sugar in the United States. Apply a similar explanation to some other industry, not connected with agriculture, in which high duties have had less effect than might have been expected.
Point out wherein the course of the tariff legislation of the United States between 1864 and 1883 was similar to the course of legislation in France between 1815 and 1860, and wherein it was not similar.
“First, there is no sufficient market for our surplus agricultural products except a foreign market, and, in default of this, such surplus will either not be raised, or, if raised, will rot on the ground. Second, the domestic demand for the products of existing furnaces and factories is very far short of the capacity of such furnaces and factories to supply; and, until larger and more extended markets are obtainable, domestic competition will inevitably continue, as now, to reduce profits to a minimum and greatly restrict the extension of the so-called manufacturing industries….Industrial depression, business stagnation, and social discontent in the United States, as a rule, are going to continue and increase until the nation adopts a fiscal and commercial policy more liberal and better suited to the new condition of affairs.”— D.A. Wells, in the North American Review.
Do you think the remedy of lower import duties will remove the difficulties said to arise from excessive production?

_______________________

Political Economy 7.
Course Description and Enrollment
1887-88

Political Economy 7. Taxation, Public Debts, and Banking.—Lectures. Prof. Dunbar.

Total 15: 1 Graduate, 11 Seniors, 3 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 7
[Mid-year examination]

[Discuss three of the following topics.]

What are the conditions necessary for the complete development and efficient working of a budget system?
Accepting Mill’s reasoning that a tax under some circumstances, by diminishing the income from property, diminishes its selling value, and so ceases to be felt by subsequent purchasers, should you say,—
1. That the French impôt foncier is a tax on present landholders?
2. That the English income-tax under Schedule A, is a tax on present landholders?
  The reason for the difference, if any exists.
Comparative advantages of the methods of local taxation used in the four leading countries.
“It is an error, to assume that [1] all descriptions of property should be subjected to taxation in order to insure equality and uniformity. On the contrary, all experience has shown—none better than that of the United States—that the more ‘concrete’ and the less diffused a system of taxation can be made, the better for the people and the better for the State; for, with the exception of direct taxes on income, and upon those articles, like spirits and tobacco, which are consumed solely for personal gratification, taxation distributes itself with a wonderful degree of uniformity. If placed upon land, it will constitute an element of the cost of that which the land produces; if upon manufacturing industry, then of the cost of the products of such industry; upon shipping, of the cost of that which the ship transports; upon capital, of the cost, price, or interest, which is paid for the use of such capital; and if upon buildings, it will be reflected upon the income of the occupier, or upon the cost of the goods, wares and merchandise stored, exchanged or produced therein….And so [2] a tax imposed upon an article or service of prime necessity to a community, like land or buildings, for example, becomes, in effect, a tax upon all, without the vexations of infinitesimal application.”
The same author has expressed this idea elsewhere by saying,—
“Proportional taxes on all things of any given class will be diffused and equalized on all other property.”
Discuss the two general principles of taxation, [1], [2], contrasted with each other in the above extracts.

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 7
[Year-end examination]

A.

A careful examination and discussion of these two topics is desired. Not less than one half of your time should be given to this division of the paper.

“In so far as bondholders live from the proceeds of their bonds, they form a class not immediately interested in current industries. At some time in the past they may have furnished the government with large sums of capital, thus averting the inconvenience of excessive taxation or of a sudden change in rates; and, in return for this service, they receive from the government the promise of an annuity until an equivalent of the original capital should be returned. Such persons are guaranteed a living without labor.
“There is but one way in which the government may escape the necessity of supporting in idleness this class, and that is by paying its members their respective claims. The bondholders would in this manner be deprived of their secured annuity, but they would in its stead hold a sum of free capital; and if they wish to continue in the enjoyment of an income from their property they must apply their funds to some productive purpose. In this manner the country gains by bringing to bear upon industrial affairs the interested attention of those who formerly were secured a living from the proceeds of public taxes. For another reason also is the payment of a debt advantageous. No people can long retain that hopefulness so essential to the vigorous prosecution of industries if the past lays heavy claims upon the present. As a rule, they only should partake of current product who are in some way connected with present production. Carelessness and jealousy are not characteristics of efficient labor, but they are sometimes naturally engendered by the payment of taxes for the support of a favored class. It is the permanency of this payment, rather than its amount, which exerts a depressing influence upon labor, and its extinction is a first step toward the establishment of confidence and contentment.”
“As the circulation of a bank is a source of profit, and as the managers are usually disposed to oblige their patrons by loans and accommodations, it can never be wise to allow banks or parties who have pecuniary interests at stake to increase or diminish the volume of currency in the country at their pleasure. Nor do I find in the condition of things a law or rule on which we can safely rely. Upon these views I form the conclusion that the circulation of the banks should be fixed and limited, and that the power to change the volume of paper in circulation, within limits established by law, should remain in the Treasury Department.
“A degree of flexibility in the volume of currency is essential for two reasons:
“First. The business of the Department cannot be transacted properly if a limit is fixed, and the power to raise the circulation above or reduce it below that limit is denied.
“A rule of this nature would compel the Secretary to accumulate a large currency balance and to hold it; as, otherwise, the credit of the government, in meeting the ordinary daily claims upon it, would be at the mercy of every serious business and political revulsion in the United States or Europe….
“Secondly. There is a necessity every autumn for moving the crops without delay from the South and West to the seaboard that they may be in hand for export and consumption as wanted. This work should be done in the main before the lakes, rivers, and canals are closed, and yet it cannot be done without the use of large amounts of currency.
“In the summer months funds accumulate at the centres, but the renewal of business in August and September gives employment for large sums, and leaves little or nothing for forwarding the crops in October and November….
“The crops cannot be moved generally by the aid of bank balances, checks, and letters of credit, but only by bank notes and United States notes paid at once to the producers…
“The problem is to find a way of increasing the currency for moving the crops and diminishing it at once when that work is done. This is a necessary work, and, inasmuch as it cannot be confined to the banks, where, but in the Treasury Department, can the power be reposed?”—[Finance Report, by Secretary Boutwell, 1872.]

B.

In the loan act of August 5, 1861, Congress, having previously authorized the issue of seven per cent twenty-year bonds at par, authorized the Secretary, if he thought best, to sell six per cent twenty-year bonds, “at any rate not less that the equivalent of par, for the bonds bearing seven per centum interest, authorized by said [previous] act.” What considerations should determine the choice of the Secretary in using this discretion?
What is your own estimate of the merits of the English system of operating on the national debt by means of terminable annuities, as proposed by Mr. Gladstone and extended by Mr. Childers?
Shadwell [System of Political Economy, 371] says:—
“The tendency of all legislation on the subject of notes is to sacrifice the interests of the depositors to those of the note-holders, and there are some people to whom such a course appears justifiable. Banks, it is said, are imprudently managed; therefore, when one fails, its notes should be paid in full before the claims of its depositors are dealt with. It would not be more arbitrary to say that because banks are imprudently managed, therefore the depositors should be paid in full before the claims of the note-holders are dealt with.”
What is your own conclusion of this question?
Which of the three great banks, the Bank of England, the Bank of France, and the Reichsbank, appears to you to present the best model for a great national bank,— and why?
It has been remarked that the expedient by which the New York banks associated themselves against a common danger, in 1860, 1873, and 1884, finds its nearest analogy in the occasional suspension of the limit which the act of 1844 places on the Bank of England. How close and real is the analogy?

_______________________

Political Economy 8.
Course Description and Enrollment
1887-88

Political Economy 8. First half-year. Financial history of the United States.—Lectures. Prof. Dunbar.

Total 39: 3 Graduates, 26 Seniors, 8 Juniors, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 8
[Mid-year examination]

[Take one question from A and nine from B, or both from A and seven from B.]

The questions under A are supposed to require half an hour each for careful treatment, and those under B fifteen minutes each.

A.

There is disclosed in the administration of Mr. Gallatin the true policy of debt-payment. It consists in the establishment of a permanent appropriation for the service of the debt which shall be in excess of the demands of current interest. But such appropriation need not be “inviolable.” It need form no part of a “private contract,” nor be regarded as constituting “private property.” A government should always be at liberty in time of emergency to divert money held for the payment of debt to the support of new loans…The United States is indebted to Mr. Gallatin more than to any other man for the establishment of this policy. Under the guidance of his clear insight this country departed from the pernicious methods of English financiering.—H.C. Adams, Public Debts, 268.
Discuss the above with particular reference to the suggested difference of principle between Hamilton’s sinking-fund policy and Gallatin’s.
What does the experience of the United States government show as to the policy of relying upon duties on imports as the sole means of supplying the Treasury?

B.

How is the fact to be explained that the Bank of the United States was so much less able to resist attack than it appeared to be in 1829?
What kind of currency did the government use and where were its money kept, and under what authority of law, after the closing of the first Bank of the United States, 1811-17, and after the removal of the deposits from the second, 1833-36?
In what way would the renewal of the charter of the first Bank of the United States probably have affected the finances during the war, 1812-15?
What was the reason for the difference between Mr. Dallas’s proposition for a bank in 1814 and that which he made in 1815?
How did the second Bank of the United States aid in the resumption of specie payment in 1817?
What was the specie circular of 1836, and how was it financially important?
How would it have eased the finances of 1861, if the Secretary of the Treasury had made more free use of the Act of August 5, suspending for some purposes the provisions of the Independent Treasury Act?
What were the nearest approaches made to a government legal-tender paper before 1862?
Why was 1865 a favorable occasion for returning to specie payment, and what then prevented the return?
As a general question, apart from any special provision of law, who has authority to tax United States bonds or the income derived from them, and under what limitations, if any?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

_______________________

Political Economy 9.
Course Description and Enrollment
1887-88

Political Economy 9. First half-year. Management and Ownership of Railways. Prof. Laughlin.

Total 19: 1 Graduate, 14 Seniors, 3 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 62.

* * * * * * * * * * * * *

1887-88.
POLITICAL ECONOMY 9
[Mid-year examination]

In what way is railway transportation related to the general principles of economic theory?
Wherein is there any opposition between the interests of the shareholders and the directors of railways?
How far are railway rates regulated by the competition of railways with each other?
Discuss the reasons for and against equal mileage rates.
What gave rise to pooling in the United States? What have been the practical effects of pooling on railway rates in this country?
Explain: Cost of service, differential rates, a “differential,” the evening system, preferred stock, the Joint Executive Committee, the Petroleum Pool.
Is classification the necessary consequence of any one theory of rates? How does classification in the United States compare with that of European railways?
Compare the Railway Commissions of Georgia and Massachusetts.
Do you regard the Granger legislation as having accomplished any permanent results?
Discuss the interpretation of the Fourth Section of the Inter-State Commerce Act by the National Commission.
What arguments in favor of State ownership of railways by the United States can be drawn from the experience of Germany and Italy?
Do you find any part of the railway system of England which would be worthy of adoption by the United States?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

_______________________

Philosophy 11.
Course Description and Enrollment
1887-88

Philosophy 11. The Ethics of Social Reform. The questions of Charity, Divorce, the Indians, Labor, Prisons, temperance, etc., as problems of practical ethics.—Lectures, essays, and practical observations. Prof. Peabody.

Total 84: 3 Graduates, 51 Seniors, 23 Juniors, 3 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1887-1888, p. 71.

* * * * * * * * * * * * *

1887-88
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Mid-year examination]

[Omit one question]

Inductive ethics. Explain and illustrate this phrase, as applied to the study of the social questions.
The various possible relations between one’s own life and the life of society. Illustrate by the history of ethical theory.
“The whole question of the relation of ethics to political economy resolves itself into a bare question of classification. Shall our nomenclature be such as to make the term political economy include the ethical sphere or not?”—(C.F. Dunbar, Quarterly Journal of Economics, October, 1886, p. 25.)
What is your answer to this question of classification?
“No one doubts that a man who improves the current morality of his time must be something of an Idealist. He must have an idea which moves him to seek its realization. That idea cannot represent any experienced reality.”.-(T.H. Green, Prolegomena to Ethics, p. 325.)
Illustrate this in the conduct of a social reform.
“I fully believe that to-day the next most pernicious thing to vice is charity in its broad and popular sense.”—(W.G. Sumner, What Social Classes owe to each other, p. 157.)
What is there in modern charity which tends to justify this view and in what way can such a danger be met?
“Among the means toward a higher civilization I unhesitatingly assert that the deliberate cultivation of public amusement is a principal one.”—(W.S. Jevons, Methods of Social Reform, p. 7.) Why?
Consider the advantages and disadvantages of a Constitutional Amendment as a remedy for existing evils in the divorce question.
“Without the circumstances of infancy…the phenomena of social life would have been omitted from the history of the world and with them the phenomena of ethics.”—(John Fiske, Cosmic Philosophy, II. 363) Why?
“The most ancient system”—of family life—“was a system of kinship through females only.”—(McLennan,Studies in Ancient History, p. 85.)
What was the origin of this matriarchal type and why is it supposed to have preceded the patriarchal family?
“The movement of progressive societies has been uniform in one respect. Through all its course it has been distinguished by the gradual dissolution of family dependency and the growth of individual obligation. The individual is steadily substituted for the family as the unit of which civil laws take account.”—(Sir Henry Maine, Ancient Law, p. 163.)
Consider the history, the tendencies, and the risks of this evolution of the individual.
Illustrate the interdependence of the question of Marriage and Divorce with other social questions.

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 2, Bound volume Examination Papers, Mid-Year 1887-88.

* * * * * * * * * * * * *

Philosophy 11.
THE ETHICS OF SOCIAL REFORM.
[Year-end examination]

[Omit two questions.]

Have you discovered any philosophical principles underlying this course of study, and can you suggest any change of method in the course which will make these underlying principles more clear?
Why has the Indian been hitherto so impervious to civilization?
Explain the “Dawes Bills.” What supplementary legislation is needed for their successful administration?
Contrast the economic doctrines of Carlyle and of Ruskin and consider modern illustrations of each.
Enumerate some of the ways in which an employer seems to have a natural advantage in a conflict with his employed.
On what principle would wages be paid if the “Democratic Federation” should carry out its programme?
“Socialists regard colossal corporations and the wealthy bosses that direct them as the greatest pioneers of their cause.”-Kirkup, An Inquiry into Socialism, p. 169.—Why?
“There are certain establishments nominally coöperative, which have little significance as bearing on the Labor Question. The chief of these is the Rochdale form of the cooperative store.”—J.B. Clark, The Philosophy of Wealth, p. 190.—Why is this, and what are some of the obstacles to more complete coöperation?
Illustrate by several instances the tendency of the State to infringe upon the liberty of the individual. How far do you think that this tendency can be wisely encouraged?
On what principle would you distinguish the various forms of liquor legislation, and what considerations would determine your vote in your own state or town?
“Society is not an aggregate of independent units, not a mechanical whole, but, in the true sense of the word, an organism.”—Prof. Edward Caird, The Moral Aspect of the Economical Problem, p. 16.—If this is true, how does it affect your duty as to temperance, and your understanding of the argument from “example”?

Image Source: John Harvard Statue (1904). Library of Congress. Photos, Prints and Drawings.

Tags Dunbar, GrayJH, Laughlin, Taussig

Exam Questions Harvard

Harvard. Examinations for Political Economy courses, Dunbar, Laughlin, and Taussig, 1886-87.

Post author By Irwin Collier
Post date 2021-01-24

On January 5th, 2021 my 94 year old father passed away following a Covid-19 infection. On January 6th, 2021 a pro-Trump mob breached the United States Capitol, leading to the impeachment of President Donald Trump exactly one week later. With the exception of a single post that had been nearly completed before those two days, Economics in the Rear-view Mirror has had no new content added. With today’s post (January 24, 2021) your curator resumes his work of collecting, transcribing and presenting artifacts to provide a documentary record of the evolution of the economics curriculum.

This post adds to our collection brief course descriptions, enrollment figures and examinations from Harvard for the academic year 1886-87 when Charles Dunbar, J. Laurence Laughlin, and Frank W. Taussig constituted the entire department of political economy.

_______________________

Political Economy 1 (1886-87).

Class Enrollment.

Political Economy 1. First half year: Laughlin’s Mill’s Principles of Political Economy. —Dunbar’s Chapters on Banking. Profs. Laughlin and Taussig.

Total 207: 1 Graduates, 33 Seniors, 100 Juniors, 47 Sophomores, 7 Freshmen, 19 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

1886-87.
POLITICAL ECONOMY 1.
[One-hour Examination. Nov. 17, 1886]

Point out, as to the following articles, whether they are or are not capital; and, as to those which you consider capital, whether they are fixed or circulating capital: a dwelling-house; a bale of cotton goods; a government bond; hewn granite; a plow; a stock of tobacco.
A keeps twenty saddle horses in Boston for hire. B keeps twenty horses which he uses in cultivating a farm in the country. Trace the respective economic effects of their expenditure in maintaining the horses.
State concisely the laws of production and distribution as to land, and explain the connexion between them.
Comment on the following proposition: “There should be annually appropriated by every city or town of 5000 or more inhabitants a sum of money sufficient to pay wages at the rate of one dollar a day for 300 days in the year to as many as 10 percent of the actual population. … Any person finding himself out of employment should have the privilege of making application to the Department of Labor, and should be given some useful work to do at the wages of one dollar per day of eight hours, so long as he might choose to work for that pay.”

Source: Harvard University Archives. Scrapbook of Professor Frank W. Taussig, p. 10.

1886-87.
POLITICAL ECONOMY 1.
[Mid-Year Examination. 1887]

Compare the economic effects of defraying war expenditure by loans and by taxation.
Does the rent of a factory building affect the value of the goods made in it? Does the rent of a farm affect the value of the grain grown on it? Does the rent paid for a lot near a great city, from which gravel is taken, affect the value of the gravel?
It has been said that “the laws and conditions of the production of wealth partake of the character of physical truths. There is nothing optional or arbitrary in them.” State briefly the laws of the production of wealth here referred to, and whether the statement in regard to them is true.
It has been said that the law of population and the law of diminishing returns from land point inevitably to misery and want as the destiny of the mass of mankind. What influences affecting the operation of these laws are to be taken into account; and if they are taken into account, are the laws of population and diminishing returns from land thereby shown to be invalid?
Explain briefly the nature of the remuneration received by the following persons: a farmer tilling his own land; a merchant carrying on business with his own capital; a manufacturer carrying on business with borrowed capital; a holder of railway stocks; a holder of government bonds; a patentee.
Wherein is the value of metallic money governed by different principles from those that regulate the value of commodities in general? And wherein is the value of inconvertible paper money governed by different principles from those that regulate the value of coin?
Credit is said to be purchasing power. Explain what is meant by this proposition, and in what manner it bears on the theory of the value of money. Point out in what form credit, as purchasing power, is most likely to affect prices in the United States and in France.
(a) Suppose that:
In the U.S. one day’s labor produces 2 bushels of corn;
“ “       “     “      “         “            “          10 yards of cotton cloth;
“ England “ “ “ “          1 bushel of corn;
“      “ “      “         “            “          5 yards of cotton cloth.
Would trade arise between England and the United States? If so how?
(b) Suppose that in England one day’s labor produced 8 yards of cotton cloth, other conditions remaining the same as in (a). Would trade arise? If so, how?
(c) Suppose that in England one day’s labor produced 2 yards of cotton cloth, other conditions remaining the same as in (a) Would trade arise? If so, how?
Suppose a new article to appear among the exports of a given country. Trace the effects in that country on the course of the foreign exchanges; on the flow of specie; on the value of money; on the terms of international exchange. Would the results be the same if, instead of a new article of export, some article previously exported were to be sold abroad in larger quantity because of a lowering of its cost and price?
(a) Arrange in proper order the following items of a bank account: Loans, $538,000; Bonds and Stocks, $40,000; Capital, $200,000; Real Estate, $26,000; other assets, $26,000; Surplus, $65,100; Deposits, $440,000; Notes, $101,550; Cash, $124,000; Cash Items, $52,650.
(b) Suppose the bank to discount four months paper (at 6 per cent) to the amount of $10,000, of which it purchases one-half by promises to pay (the bearer) on demand, and one-half by cash. How would the account then stand?
(c) Suppose a borrower to have repaid a loan of $2000 by giving $1000 in cash, and $1000 in a cheque on the bank. How would the account then stand?
(d) Suppose the bank to be confronted, in a time of general embarrassment, with demands from depositors for cash, and from borrowers for discounts. What policy would be adopted if it were the Bank of England? If it were a United States national bank?

Source: Harvard University Archives. Scrapbook of Professor Frank W. Taussig, pp. 10-11.

Class Enrollment.

Political Economy 1. Second half year: Division A (Theoretical, introductory to Courses 2 and 3). Mill’s Principles (Books IV, and V.). — Cairnes’s Leading Principles (Part I., chaps. Iii. and v.; part III., chaps. i.-v.). — Thompson’s Lectures on Protection. — Sumner’s Protectionism. — Bimetallism. Prof. Laughlin.

Total 101: 6 Seniors, 44 Juniors, 38 Sophomores, 5 Freshmen, 8 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

1886-87.
POLITICAL ECONOMY 1.
Division A.
[Year-end Examination. 1887]

If taxes levied on the rich cause a diminution in their unproductive expenditure, would that in any way affect the employment offered for labor? Discuss fully.
What principle does Mr. Mill furnish by which the respective shares of labor and capital are determined? Has his Wages-Fund Theory any connection with his exposition of the dependence of “profits” on Cost of Labor?
In discussing the distribution of the product, why is it that the relative shares of labor and capital can be discussed independently of rent? Would an increase of rent affect the share of labor or of capital?
Why is it that city banks make a greater use of the deposit liability than of the note liability? Why is the fact just the reverse with country banks?
State fully the difference between Cost of Labor and Cost of Production. Would a decrease in Cost of Production affect Cost of Labor in any way?
If the returns, and consequently wages, in our extractive industries were to decline, how would the course of our foreign trade probably be affected?
Explain carefully how, and under what conditions, Reciprocal Demand regulates Normal Value.
How do you reconcile the doctrine of comparative cost in international trade with the fact that a merchant regulates his conduct by a comparison of prices at home with prices abroad?
Explain how a tax on “profits” may fall either (1) on the laborer, or (2) on the landlord.
Discuss the argument that protection raises wages.
Is the customs-duty on sugar economically justifiable?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 3, Papers Set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 5-6, in bound volume Examination Papers, 1887-89.

Class Enrollment.

Political Economy 1. Second half year: Division B (Descriptive). Mill’s Principles (selections). — Upton’s Money in Politics. —Jevons’s The State in Relation to Labor. — Lectures on Money, Bimetallism, Cooperation, and Trade-Unions. Prof. Taussig.

Total 106: 1 Graduate, 27 Seniors, 56 Juniors, 9 Sophomores, 2 Freshmen, 11 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

1886-87.
POLITICAL ECONOMY 1.
Division B.
[One-hour Examination. April. 4, 1887]

As society advances, what changes would you expect in the relative values of wheat of coal, of cotton cloth, and of watch-springs?
Suppose the coinage of silver under the act of 1878 had been 20 millions of dollars a month, what would now be the money in use in the country? Explain briefly what has been the actual coinage, and what effect it has had on our monetary system.
Make a comparison between the issues of paper money by the Continental Congress during the war of the Revolution, and by Congress during the civil war.
Explain briefly what is meant by the following phrases: five-twenties; ten-forties; seven-thirties; continued 3 ½ per cents.

Source: Harvard University Archives. Scrapbook of Professor Frank W. Taussig, p. 12.

1886-87.
POLITICAL ECONOMY 1.
Division B.
[Year-end Examination. 1887]

Suppose the price of silver to rise to such a point that the ratio of silver to gold would be 15 to 1, what change would take place in the money at present in use in the United States?
Is such a change probable? If so, why? If not, why not?
State the essential differences between the coinage acts of 1792, 1834, and 1878.
“All experience has shown that there are periods when, under any system of paper money, however carefully guarded, it is impracticable to maintain actual coin redemption. Usually contracts will be based on current paper money, and it is just that, during a sudden panic or an unreasonable demand for coin, the creditor should not be allowed to demand payment in other than the currency in which the debt was contracted. To meet this contingency, it would seem to be right to maintain the legal tender quality of United States notes. If they are not at par with coin, it is the fault of the Government and not of the debtor, or rather it is the result of an unforeseen stringency not contemplated by the contracting parties.” From the Report of the Secretary of the Treasury, dated December, 1877.
Under what circumstances was this passage written? Is the recommendation made by it a wise one? Has it been acted on?
Ten men club together to buy flour at wholesale, each taking a part and paying his share of the price. Ten others club together, borrow money jointly, and lend it out to themselves for aid in carrying on their trades. A third ten club together, set up a workshop on joint account and work in it, and periodically divide the net proceeds.
What kinds of cooperation are typified, respectively, by these proceedings? In what countries has each kind been most widely applied? Which seems to you to be of greatest intrinsic interest for the social question?
What is meant by the eight-hour law? Wherein does it resemble, and wherein differ from, factory legislation in England?
Compare the regulations of the Knights of Labor in regard to strikes with those of an English Trades-Union.
“The present doctrine is that the workmen’s interests are linked to those of other workmen, and the employer’s interests to those of other employers. Eventually it will be seen that industrial divisions should be perpendicular, not horizontal.” Explain what is meant by this passage; state by what devices it is endeavored to promote the “horizontal” and the “perpendicular” divisions, respectively; and given an opinion as to which line of division is likely to endure.
The declaration of principles of the Knights of Labor demand “the enactment of laws providing for arbitration between employer and employed, and to enforce the decision of the arbitrators.” Is it desirable to comply with that demand in whole, in part, or not at all?
Suppose a tax were levied of ten percent on the house-rent paid by every person, those who occupied their own houses being assessed for the letting value of their dwellings. Would such a tax be direct or indirect? Would it conform to the principle of equality of taxation? Give your reasons.

Source: Harvard University Archives. Scrapbook of Professor Frank W. Taussig, p. 12. Also, Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 3, Papers Set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 5-6, in bound volume Examination Papers, 1887-89.

_______________________

Political Economy 2 (1886-87).

Class Enrollment.

Political Economy 2. Economic Theory; its history and present stage. — Lectures, preparation of papers, and discussion of selections from leading writers. Prof. Taussig.

Total 49: 2 Graduates, 33 Seniors, 14 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

1886-87.
POLITICAL ECONOMY 2.
[Mid-year Examination, 1887]

It has been said that the Mercantile writers built up the first system of political economy; again, that a system is first found in the writings of the Physiocrats; and again, that Ricardo created political economy as a science. What should you say as to these statements?
Say something as to the connection that may be traced between the personal history of Adam Smith and of Ricardo, and the characteristics of their writings.
Sketch the history of the doctrines as to the productiveness of different kinds of labor from the time of the Mercantile writers to that of J. S. Mill.
Comment on the following:—
“It remains a matter of some difficulty to discover what solid contribution Malthus has made to our knowledge, nor is it easy to ascertain precisely what practical precepts, not already familiar, he founded on his theoretic principles…. ‘Much,’ he thought, ‘remained to be done. The comparison between the increase of population and of food had not, perhaps, been stated with sufficient force and precision’ and ‘few inquiries had been made into the various modes by which the level’ between population and the means of subsistence ‘is effected.’ The first desideratum here mentioned—the want, namely, of an accurate statement of the relation between the population and the supply of food—Malthus doubtless supposed to have been supplied by the celebrated proposition that ‘population increases in a geometrical, food in an arithmetical, ratio.’ This proposition has been conclusively shown to be erroneous, there being no such difference of law between the increase of man and of the organic beings who form his food. When this formula is not used, other somewhat nebulous expressions are sometimes employed, as, for example, that ‘population has a tendency to increase faster than food’ a sentence in which both are treated as if they were spontaneous growths…It must always have been perfectly well known that population will probably (though not necessarily) increase with every augmentation of the supply of subsistence, and may, in some instances, inconveniently press upon or even for a certain time exceed the number properly corresponding to that supply. Nor could it have ever been doubted that war, disease, poverty — the last two often the consequences of vice — are causes which keep population down. Again, it is surely plain enough that the apprehension by individuals of the evils of poverty, or a sense of duty to their possible offspring, may retard the increase of population, and has in all civilized communities operated to a certain extent in that way. It is only when such obvious truths are clothed in the technical terminology of ‘positive’ and ‘preventive’ checks that they appear novel and profound; and yet they appear to contain the whole message of Malthus to mankind.”
State carefully Cairnes’s theory of value, and show wherein it differs from Ricardo’s exposition of that subject.
Explain the conclusions which George draws as to wages from an analysis of the simplest stage of society, and those which Ricardo draws as to values from a similar analysis. State whether the reasoning in the two cases differs and if so, wherein; and give an opinion as to the soundness of the conclusions reached.
State carefully the wage-fund doctrine as expounded by Cairnes, and show wherein his exposition is an advance on the previous treatment of the subject.
In a collection of examination questions, the following was asked:—
“Cairnes argues that we cannot apply the law of supply and demand to labor, because the supply of labor is produced by biological forces and not as commodities are produced.— What is the fallacy of this argument?
Comment on the question, and answer it; and refer briefly to the history of the line of argument that draws and analogy between the value of labor and of commodities.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 1, Folder “Mid-year Examinations, 1886-1887”.

POLITICAL ECONOMY 2.
[Year-end examination]

Comment, separately or in a connected essay, on the following extracts:—
(a) “The first of these theories is known as the wage-fund theory of the books on Political Economy. It represents the rate of wages as depending on the amount of capital which employers think proper to disburse as wages. The wage rate was regarded as the dividend, found by dividing the wages-fund by the number of labourers. But though this division doubtless takes place, there is nothing in the theory to determine either the whole amount which is to be divided, or the proportional share which any particular labourer may obtain. Nobody can possibly suppose that workmen in different branches of production, or in different ranks in the same branch, receive the same wages. Nor can anybody imagine that the capitalist distributes his capital simply because it is capital, irrespective of the produce which he expects from the labour bought.” — W. S. Jevons.
(b) “Ricardo held that profits and wages are the leavings of each other. Later economists have generally rejected this doctrine; but even those of them who maintain that wages are paid out of capital, fall back on arguments which imply its truth. For instance, Cairnes, who earnestly maintained that capital is divided into wages, rent, material, and wage-fund, argued that trades-unions could not increase the rate of wages because, if they did so, they would reduce profits below the rate which would make investment worth while. On his own doctrine, increased wages could not trench on profits. … We shall see further on that wages and profits are not the leavings of each other, because they are not parts of the same whole.”
(c) “If we assume that upon a cultivated island are tools and carts and animals for draught, and other forms of capital, adequate for a thousand laborers, the production will vary within a very wide range according to the industrial quality of the laborers using that capital. If we suppose them to be East Indians, we shall have a certain annual product; if we suppose Russian peasants to be substituted for East Indians, we shall have twice or three times that product; if we suppose Englishmen to be substituted for Russians, we shall have the product again multiplied two or three fold. By the wage-fund theory, the rate of wages would remain the same through these changes, inasmuch as the aggregate capital of the island would remain the same through these changes and the number of laborers in the market would be unchanged, the only difference being found in the substitution of more efficient for less efficient laborers. According to the view here advanced, on the contrary, the amount to be paid in wages should and would rise with the increased production due to the higher industrial quality of the laboring population.”
(d) “The capital of the employer is by no means the real source of the wages even of the workmen employed by him. It is only the immediate reservoir through which wages are paid out, until the purchasers of the commodities produced by that labor make good the advance and thereby encourage the undertaker to purchase additional labor.” — W. Roscher.
Whom do you judge to be the writers of the extracts (b) and (c)?
State carefully Walker’s theory of business profits. Give an opinion as to its value (1) in explaining differences between the returns of different managers, and (2) in eliminating such returns, like rent, from the problem of distribution.
Compare Carey and Bastiat, and say something as to the manner and extent of their influence on the course of economic speculation.
Explain wherein the attitude of Wagner to economic study differs from that of Mill and Cairnes.
“Mr. Cairnes asks, ‘how far should religious and moral considerations be admitted as coming within the province of political economy?’ His answer is that ‘they are to be taken account of precisely in so far as they are found to affect the conduct of men in the pursuit of wealth;’ and one needs only to allude to the influence of mediaeval religion both on the forms and the distribution of the wealth of the community, the changes in both with the change in religion after the Reformation, in proof of the impotence of the a priori method in relation to this class of agencies. Yet a few pages after recognizing their title to investigation, Mr. Cairnes argues that induction, though indispensable in physical, is needless in economic science, on the ground that the economist starts with a knowledge of ultimate causes’ and ‘is already at the outset of his enterprise in the position which the physicist only attains after ages of laborious research.’ The followers of the deduction method are in fact on the horns of a dilemma. They must either follow Mr. Lowe’s narrow path, and reason strictly from the assumption that men are actuated by no motive save the desire of pecuniary gain, or they must contend that they have an intuitive knowledge of all the moral, religious, political, and other motives influencing human conduct, and of the changes they undergo in different countries and periods.”
Was Cairnes inconsistent in the manner here stated? Does his reasoning lead to the alleged dilemma?
Should you agree with the following:—
“If economic phenomena were the results of a single force or combination of forces, standing alone, then only would the assumption hold good that there is an identity of effects on the appearance of the same causes. But economic facts are so closely connected with the whole of life, the element of personal freedom comes in so constantly, that a causal connection like that of a law of nature cannot be shown. This is at bottom the sound point in the criticisms of Ricardo’s keen logic. Ricardo often begins with facts, carefully and nicely observed in real life, and makes them the first premises of his reasoning. Then he uses a method of reasoning which is common in philosophy, but inadmissible in political economy. By logical sequence of thought he leads the reader, who can see no flaw in the chain of conclusions, to a result which, notwithstanding the solidity of the premises and the steadfast reasoning, is yet by no means unquestionable. For in the end we are not concerned with the elaboration of a truthful train of thought, but with a truth of real life; hence the test of truth lies in the connection of cause and effect that exists in real life; and as to that, with its manifold and varied possibilities, no human insight can make the true combinations in advance by abstract reasoning. There may be an artistic truth, which yet, when compared with reality, is not a truth. Even if one sees no inconsistency with the facts of experience up to the very last step in the reasoning, yet that reasoning gets its final stamp of truth only from experience. Our thoughts on the facts of the world are often true only so long as we shape them according to those facts that we know; a new experience comes in to better this approximate truth.” — Knies, Die Politische Oekonomie vom Historischen Standpunkte.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 3, Papers Set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 7-9, in bound volume Examination Papers, 1887-89.

Note: Political Economy 2. Has been posted earlier.

_______________________

Political Economy 3 (1886-87).

Class Enrollment.

Political Economy 3. Investigation and Discussion of Practical Economic Questions (Bimetallism, Gold and Prices, American Shipping, Canadian Reciprocity, and Railway Transportation. — Each student presented ten theses, which were read and discussed in the class. Prof. Laughlin.

Total 35: 3 Graduates, 12 Seniors, 19 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

1886-87.
POLITICAL ECONOMY 3.
[Mid-year Examination, 1887]

Discuss the following statement: “I would venture to assert that the influence of gold in raising or reducing prices depends not so much on the quantity of it available for use, as on the circumstances attending its production, and the facilities offered for its employment. … The sudden acquisition of money by those who rushed into gold mining … could not do otherwise than raise the demand for the necessaries and luxuries of life beyond the supply, and thus enhance their cost.”
In considering the serious fall of prices since 1873 and its effects on existing contracts, compare the relative advantages to be derived from (1) a system of international Bimetallism, and (2) the Multiple Standard. What difficulties stand in the way of using the multiple standard?
Give the facts in regard to the Free Coinage of gold, or silver, to-day in England, France, Germany, and the United States.
Discuss the provisions of the U.S. Coinage Act of 1853, and its bearing on the success of the double standard in this country.
Could an agreement of the chief commercial countries of the world to coin gold and silver at a fixed ratio keep the value of silver from falling under all circumstances?
Name any Navigation Laws of the United States now in force, which had their origin in the retaliatory legislation of our early history.
What effect has the policy of reciprocity, taken together with the high cost of building iron ships in the United States, had upon the foreign carrying trade of the country?
Does the existing tariff work to diminish the United States foreign tonnage? How does the provision as to a drawback on articles manufactured wholly or in part of imported materials affect our foreign tonnage?
What remedies should you propose for the decline of American shipping?
Was the first experiment of issuing notes by a Bank, chartered by the United States, a successful one? Why?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 1, Folder “Mid-year Examinations, 1886-1887”.

POLITICAL ECONOMY 3.
[Year-end examination]

How do you account for the additional fall in the value of silver since the close of 1885?
Are there sufficient grounds for believing that gold is scarce? What is the measure of scarcity? Is it the “needs of trade”?
Discuss the causes of the growth of American shipping to 1856. Why have these causes not produced the same results since 1856 as before?
Why were the issues of the Second United States Bank superior to those of the State banks of the same period?
Ought the United States notes to be retired?
In what way was the Reciprocity Treaty of 1854 between Canada and the United States connected with the fishery question? Why was the Treaty given up?
What were the economic results of the Treaty? Do they furnish evidence as to the wisdom of reciprocity in the future?
Are there any reasons to suppose that competition operates to modify rates on the railways of the United States?
What are the objections against “pools”? Are these objections well founded?
Compare the railway systems of England and France. How are discriminations regarded in these countries?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 3. Papers set for Final Examinations in Philosophy, Political Economy, History, roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 9-10, in the bound volume Examination Papers, 1887-89.

_______________________

Political Economy 4 (1886-87).

Class Enrollment.

Political Economy 4. Financial history of England and America since the Seven Years’ War. — Lectures. Prof. Dunbar.

Total 157: 1 Graduate, 44 Seniors, 44 Juniors, 53 Sophomores, 2 Freshmen, 13 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 58.

POLITICAL ECONOMY 4.
[Mid-year examination, 1887]

[Copy not (yet) located]

POLITICAL ECONOMY 4.
[Year-end examination, 1887]

Omit two questions

Why did the repeal of the corn laws settle the question as to the adoption of free trade by England?
Describe the leading measures by which Napoleon III. sought to stimulate the material prosperity of France.
What were the reasons for granting public lands in aid of railway companies, as exhibited in the cases of the Illinois Central and the Pacific Railroads?
The effects of the civil war on the system of landholding in the South and its probable influence on the general industry of that section.
In what respects do quick transportation and telegraphs tend to produce analogous effects, and how are prices, as a measure of the value of gold, thereby affected?
Among the causes for the decline of American shipping, how important was the civil war?
What are the causes which make England the convenient centre for the “triangular” trade between nations?
Describe the effects of the civil war on the tariff system of the United States.
What form of wealth did France pay out in settlement of the indemnity of 1871, and what form did Germany actually receive?
The causes which prevented the disastrous fall of gold predicted by some writers after 1850.
The absorption of silver by India and reasons for its recent irregularity.
The heavy demands for gold, 1871-83, and the reasons why they failed to produce any financial disturbance.
The circumstances which enabled the United States to accumulate gold with special ease after the passage of the Resumption Act.
If the working of the English coal mines should tend to become more expensive, could England protect her industrial supremacy by the importation of cheap coal? Give the reasons carefully.

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 3. Papers set for Final Examinations in Philosophy, Political Economy, History, roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 10-11, in the bound volume Examination Papers, 1887-89.

_______________________

Political Economy 6 (1886-87).

Class Enrollment.

Political Economy 6. History of Tariff Legislation in the United States, and consideration of its economic effects. — Lectures, written exercises, and oral discussion. Prof. Taussig.
Second half-year.

Total 38: 2 Graduates, 28 Seniors, 4 Juniors, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 59.

POLITICAL ECONOMY 6.
[Year-end examination, 1887]

Comment on the historical statements, and on the reasoning from them, in the following extracts:—
“Such was the state of things [bankruptcy and ruin the most complete] at the date of the passage of the tariff act of 1842. Scarcely had it become a law, when confidence began to reappear and commerce to revive—the first steps toward the restoration of the whole country, in the briefest period, to a state of prosperity the like of which had never before been known. Seeing that these remarkable facts were totally opposed to the free-trade theory, the author was led to study the phenomena presented in the free-trade period from 1817 to 1824, and in the protective one which commenced in 1825 and ended in 1834, — the one terminating in bankruptcy and ruin similar to that which exhibited itself in 1842, and the other giving to the country a state of prosperity such as had again been realized in 1846. … The more he studied these facts, the more did he become satisfied that the free-trade theory embodied some great error.” H. C. Carey, Preface to the Principles of Social Science.
It has been said that protective duties cause the price of the protected articles to fall; and such an effect is said to have been produced on the prices of cotton cloth after 1816, of copper after 1869, and of steel rails after 1870. Comment on the principle, and on its application in these three cases.
“This ill-understood and much reviled principle [the minimum principle] appears to me to be a just, proper, effective, and strictly philosophical mode of laying protective duties. It is exactly conformable, as I think, to the soundest and most accurate principles of political economy. It is, in the most rigid sense, what all such enactments so far as practicable ought to be: that is to say, a mode of laying a specific duty. It lays the import exactly where it will do good and leaves the rest free. It is an intelligent, discerning, discriminating principle, not a blind, headlong, generalizing, uncalculating operation. … The minimum principle, however, was overthrown by the law of 1832, and that law, as it came from the House, and as it finally passed, substituted a general and universal ad valorem duty of fifty per cent.” Webster, Speech in the Senate, 1836.
What were the duties to which Webster refers in this passage? And what should you say to his comments on them?
Explain carefully what is the fundamental proposition in Walker’s Treasury Report of 1845, and discuss its soundness as a principle of tariff reform.
Explain the present system of duties on woollen cloths, stating briefly its history; and say something as to its effects.
It has been said that high duties should be levied on manufactured articles and low duties on raw materials, because raw materials, being more bulky, require much shipping to transport them, and their free admission would give increased employment to American vessels. Assuming that the materials would in fact be carried in American vessels, should you say the argument was a sound one?
How can you explain the fact that, while the manufacture of cotton cloths has been little, if at all, dependent on protection, the heavy duties on silk piece-goods have not prevented a continuous large importation?
It has been proposed to admit sugar from Cuba duty free, by a reciprocity treaty. Should you be in favor of such a measure?
Discuss one of the following subjects. (Those who have prepared special reports on any one of these subjects are not to select that one for discussion.)
1. The financial working of the tariff act of 1846.
2. Proposed tariff legislation since 1883.
3. The circumstances under which the tariff act of 1833 was passed.

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 3. Papers set for Final Examinations in Philosophy, Political Economy, History, roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 11-12, in the bound volume Examination Papers, 1887-89.

_______________________

Political Economy 7 (1886-87).

Class Enrollment.

Political Economy 7. Public Finance and Banking. — Leroy-Beaulieu’s Science des Finances. Prof. Dunbar.

Total 12: 3 Graduates, 6 Seniors, 3 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 59.

POLITICAL ECONOMY 7.
[Mid-year examination, 1887]

[Copy not (yet) located]

POLITICAL ECONOMY 7.
[Year-end examination]

Divide your time equally between A and B.

[Two questions may be omitted.]

Discuss the suggestion, which has been made, that among the French taxes upon real estate we ought to reckon,—
1. The impôt des portes et fenêtres;
2. Of the contribution des patentes, the droit proportionnel [à la valeur locative des locaux occupés].
Weight the following reasons given by Leroy-Beaulieu for approving lottery loans:—
“Les emprunts à loterie peuvent être regardés comme une combinaison ingénieuse et inoffensive dans les cas suivants: quand le prêteur est toujours certain de retrouver un jour, même en ayant la chance la plus mauvaise, au moins le capital qu’il a versé; quand, en outre, un intérêt rémunérateur, quoique inférieur à celui qu’autoriserait le marché des capitaux, est accordé à toutes les obligations, sans exception, même à celles qui ne sortent pas au tirages (3 ou 4 p. 100 par exemple, au lieu de 5 ou 6 p. 100 qui seraient peut-être le taux habituel du marché); quand, en dernier lieu, les lots n’ont qu’une importance modique, 20,000, 30,000, 50,000, 100,000 ou 150,000 francs au plus, et qu’ils ne peuvent pas donner lieu à des fortunes énormes. Dans tous ces cas les emprunts à loterie sont inoffensifs: le prêteur est sûr de ne pas perdre son capital, ni la totalité de l’intérêt dû pour ce capital: il sacrifie seulement une faible portion de cet intérêt pour courir la chance d’un gain considérable, mais pas assez toutefois pour procurer d’énormes fortunes. Dans ces conditions on peut soutenir que l’emprunt à loterie provoque l’épargne, surtout dans les basses classes.”
Explain and discuss the system of reducing debt by means of terminable annuities, introduced by Mr. Gladstone.
Discuss the following summary of conclusions, arrived at by Leroy-Beaulieu:—
“Pour résumer cette épineuse matière, nous dirons que la partie de la dette d’un pays qui est entre les mains des nationaux peut légitimement être assujettie à tous les impôts généraux grevant dans le pays les valeurs analogues. Au contraire la partie de cette dette qui est entre les mains d’étrangers doit en être exempte. Mais jamais l’État ne peut s’arroger le droit de mettre un impôt spécial sur sa rente. Voilà ce que disent le bons sens et l’équité.”
Compare the experience of England and France in the conversion of their national debts, and give the reasons for the marked difference.
Discuss the propositions, laid down by Mr. Buckner, in his speech of April, 1882, in opposition to the Bank Charters Extension Bill,—
1. That the currency ought to be issued by the government;
2. That an elastic currency is mischievous, as introducing an element of uncertainty, and that the government should therefore issue a fixed amount of convertible notes.

Mr. Goschen’s Budget for 1887 rests upon the estimate that income and outlay, if existing arrangements should not be changed, would be as follows (000’s omitted):—

Revenue.			Expenditure.
Customs		£20,200	Consolidated Fund	£30,592
Excise		25,292	Army	18,394
Stamps		11,658	Navy	12,477
Land Tax		1,065	Civil Service	17,932
House Duty		1,920	Customs, Post, Teleg., &c.	10,786
Property and Income Tax		15,900
Post, Telegraph, &c.		15,120		______
		£91,155		£90,786
Surplus	974

Mr. Goschen then proposes, inter alia,—

To diminish sinking-fund payments by £2,000,000;
To take a penny off the income-tax, reducing it by £1,560,000;
To lower the duty on tobacco, and thus give up £600,000 more.

Discuss these propositions, giving all explanation needed for a clear understanding of the subject by an uninformed reader.

Mr. Goschen says of the sinking-fund payments, “I lay great stress upon the fact that unless we put the matter into an endurable form, you will risk far larger inroads upon the sinking-fund than I here propose;” and further that “practically the whole burden of paying off debt has to be borne by the payers of income-tax.” In confirmation of these views it is pointed out that when the fixed charge for public debt was settled the income-tax was only 2d., that it is now 8d., and that other branches of revenue have not been “elastic.”

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 3. Papers set for Final Examinations in Philosophy, Political Economy, History, roman Law, Fine Arts, and Music in Harvard College (June, 1887), pp. 13-14, in the bound volume Examination Papers, 1887-89.

_______________________

Political Economy 8 (1886-87).

Class Enrollment.

Political Economy 8. Financial history of the United States. — Lectures. Prof. Dunbar.
First half-year

Total 32: 1 Graduate, 25 Seniors, 3 Juniors, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1886-87, p. 59.

POLITICAL ECONOMY 8.
[Mid-year examination]

[Copy not (yet) located]

Image Source: Harvard Library, Hollis Images. Charles F. Dunbar (left) and James Laurence Laughlin (middle) and Frank W. Taussig (right).

Tags Dunbar, Laughlin, Taussig

Economics Programs Exam Questions Harvard

Harvard. Political Economy course enrollments and final exams, 1884-1885

Post author By Irwin Collier
Post date 2020-12-11

Six of eight courses listed in Political Economy were taught during the 1884-85 year at Harvard. This post provides the enrollment information as well as the June final examinations for all of those courses. Mid-year examinations are not included with one exception.

Note to self: only the mid-year examination for Taussig’s Political Economy 6 is included below, the others still need to be located.

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Political Economy 1. Profs. Dunbar and Laughlin. 3 hours per week.

Laughlin’s Mill’s Principles of Political Economy. — Lectures on the Financial Legislation of the United States

Total: 166: 18 Seniors, 75 Juniors, 61 Sophomores, 4 Law, 8 Others.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 1.
[Final Examination, June 1885]

If a farmer had the alternative of spending a sum of money either for manures, or for the services of useless servants, in which way would he give the greater employment to the laboring class by his expenditure? Explain your answer.
(a) Discuss the causes affecting the efficiency of production; and (b) point out the relation of an increase in production to cost of labor.
Is it strictly true that high wages do not make high prices? What would be the effect on real wages of a considerable increase of money in the community?
Make it clear that, even if the state should take possession of all the land and charge no rent, bread would not be cheapened.
What is the usual relation of a low cost of production in the manufacturing industry to prices? What is the relation of a low cost of production to wages in the same industry? From your two conclusions what inference would you draw as to the effect of high wages in the United States on the ability of Americans to compete with foreigners in a common market?
Give an example illustrating the working of reciprocal demand and supply, and point out its relations to cost of production.
What made the coinage act of 1834 necessary?
On whom does a house-tax fall?
Explain the refunding operations in 1881, and state what has since been done with the bonds in question.
Give the reasons which obliged the banks to suspend specie payments in 1861. In doing so, point out the necessary relation between the items in their accounts which led them to this step.
Describe the two great financial successes of the war period, explain the character of the obligations offered by the Treasury, and state why success was gained.

Source: Harvard University Archives. Harvard University. Examination Papers, 1873-1915. Box 2. Papers Set for Final Examinations in Rhetoric, Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College. June, 1885. In bound volume: Examination Papers, 1883-86, pp. 9-10.

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Political Economy 2. Prof. Dunbar. 3 hours per week.

History of Economic Theory. — Selections from Leading Writers

Total: 21: 10 Seniors, 8 Juniors, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 2.
[Final Examination, June 1885]

Comment on the following:—

“Do the facts of history bear out the theory [of Ricardo]? If they do we shall find (1) that in any given area the amount of the produce of the land obtained in earlier times is greater in proportion to the number of laborers; (2) that of two countries, or two districts in the same country, if other things be equal, the one that is poorest in people is the one in which the average degree of personal wealth and comfort is the highest; (3) that the share that falls to the landlord increases, and that which falls to the laborer diminishes, as more land is brought under cultivation.” (Thompson’s Social Science, p. 93.)

George says:—

“It is not necessary to the production [even] of things that cannot be used as subsistence, or cannot be immediately utilized, that there should have been a previous production of the wealth required for the maintenance of the laborers while the production is going on. It is only necessary that there should be, somewhere within the circle of exchange, a contemporaneous production of sufficient subsistence for the laborers, and a willingness to exchange this subsistence for the thing on which the labor is being bestowed.”
Is the necessity of previously produced subsistence avoided by the fact of “contemporaneous production,” etc.?

George presents the current statement of the laws of distribution in this form:—

“Rent depends on the margin of cultivation, rising as it falls and falling as it rises.
“Wages depend upon the ratio between the number of laborers and the amount of capital devoted to their employment.
“Interest depends upon the equation between the supply of and demand for capital; or, as is stated of profits, upon wages (or the cost of labor), rising as wages fall, and falling as wages rise.

“In the current statement the laws of distribution have no common centre, no mutual relation; they are not correlating divisions of a whole, but measures of different qualities.”
Can you rewrite this “current statement” so as to present the correlation which Mr. George misses?

Is there in rent any force of its own, enabling it to encroach upon wages and profits, or does it merely fill the space opened before it by other forces? What limit is there to this encroachment or expansion?
Criticise the following as a statement of the Wages Fund theory:—
“The means of purchase and the motives acting upon the minds of employers jointly determine the effective demand for labor, as the means of purchase and the play of motives determine the effective demand for a commodity.”
Crocker says, p. 7:—
“Our wealthy classes, wishing to accumulate still greater wealth, sought to use a large portion of their control or power over labor in creating profitable investments for themselves….Comparatively little harm would have been done if the new investments had simply turned out to be unprofitable, and the old ones had continued to supply the rich their accustomed dividends, and to the poor their accustomed wages. The mischief has been that the new investments have, by competition, ruined for the time being the old ones; dividends and wages have stopped, and the income of all, both rich and poor, being cut down, their demands upon labor have been greatly diminished, and the laborer has been left in idleness and without the means of procuring the necessaries of life.”
Aside from all questions of fact,— what is the flaw in the above if the reasoning is bad, and what is the remedy for the evil if the reasoning is good?
What is Mr. Carey’s theory as to the tendency (1) to decline in the value of commodities, and (2) to rise in the value of land; and how is this reconciled with his principle that the law of value is universal, embracing everything, “whether land, labor, or their products”?
“With every increase in the facility of reproduction, there is a decline in the value of all existing things of a similar kind, attended by a diminution in the price paid for their use. The charge for the use of the existing money tends, therefore, to decline as man acquires control over the great forces provided by the Creator for his service; as is shown by the gradual diminution of the rate of interest in every advancing country.”
What is the difficulty in this reasoning as to the rate of interest, and how would the reasoning apply in the case of a currency of inconvertible paper?
How far can apparent resulting harmonies in the general working of society (as g. in Carey’s and Bastiat’s law of distribution between capital and labor) be accepted as a test of the truth of an economic proposition?

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Political Economy 3. Prof. Laughlin. 2 hours per week. [Consent of instructor required]

Lectures and Discussion [of Practical Economic Questions]. Subjects: Money, Precious Metals, Bimetallism, American Shipping, History of Note-issues by Government and Banks. — One Thesis by each student on some practical question of the day, intended as an exercise in investigation

Total: 18: 10 Seniors, 7 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 3.
[Final Examination, June 1885]

Explain the proper theory of a subsidiary coinage. How far was this followed by Congress in first establishing our coinage?
Discuss the bearing which by its advocates bimetallism is supposed to have on the stability of a standard of payments. What connection has the theory of a Multiple Standard to this discussion?
How far can you safely reason from comparative tables of prices as to changes in the value of gold or silver?
Discuss the efficacy of a bimetallic league of states in regulating the value of silver relatively to that of gold.
Explain the causes which led to the remarkable fall of silver in 1876.
State the causes which, in your opinion, led to the growth of American shipping to 1856.
How far do you regard it true that the decline in American shipping was due to the consequences arising from the use of steam and iron in ships engaged in the foreign trade?
What measures, if any, would you propose in order to reestablish our shipping?
What is meant by an “elastic currency”? Compare, in this respect, the notes of the National Banks with the legal tender notes of the United States.
Give (a) the reasons for the general adoption of the features of the New York Banking Act of 1838; and (b) the reasons which actually led to the establishment of the National Banking System in 1864.
Discuss carefully some measure for giving security to National Bank notes when United States bonds shall be no longer obtainable for that purpose.

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Political Economy 4. Prof. Dunbar. 3 hours per week.

Economic History of Europe and America since the Seven Years’ War. — Lectures

Total: 152: 61 Seniors, 43 Juniors, 37 Sophomores, 5 Freshmen, 2 Law, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 4.
[Final Examination, June 1885]

Omit two questions

Why was the repeal of the corn laws decisive as to the adoption of free trade by England?
How did the French and Indian currencies tend to prevent the fall of gold after 1850 from being still heavier?
How important a place among the causes of the decline of American shipping belongs to the civil war?
The effects of the civil war on the system of landholding in the South and its probable ultimate effects on Southern industry.
The steps by which the war determined the subsequent tariff policy of the United States.
The causes of the suddenly increased importance of our trade in breadstuffs in the last ten years.
Why did the payment of the French indemnity of 1871 seriously affect England, Austria and the United States?
The real loss or gain of France and Germany respectively by the payment of the indemnity.
What were the heavy demands for gold from 1871 to 1883, and why did they fail to produce serious financial disturbance?
The difference in the development of city and of country banks respectively, in the United States and in England, and the inference to be drawn as to the future development of the banking systems.
Why is a “triangular trade” between nations convenient and why is England the great centre for such trade?
As the English government does not own nor tax the coal mines, why should fear of increasing cost of extracting coal lead Mr. Gladstone to favor an energetic reduction of the national debt.

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Political Economy 5. Prof. Laughlin. 1 hour per week. [Consent of instructor required]

Economic Effects of Land Tenures in England, Ireland, France, and Germany

Omitted in 1884-85.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

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Political Economy 6. Dr. Taussig. 1 hour per week. [Consent of instructor required]

History of Tariff Legislation in the United States, with discussion of principles. — Lectures

Total: 40: 1 Graduate, 26 Seniors, 10 Juniors, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 6
[Mid-Year Examination, 1885]

(Omit either question 3 or question 4.)

Comment briefly on the following:—
“There is not a single great branch of domestic manufactures which had not been established in some form in this country long before a protective tariff had been or could have been imposed. The manufacture of iron is nearly as old as the history of every colony or territory in which there is any iron ore. The manufacture of woolens is as old as the country itself, and was more truly a domestic manufacture when our ancestors were clothed with homespun than now. The manufacture of cotton is almost as old as the production of the fibre on our territory.”
Compare the tariff act of 1816 with that of 1824, noting difference in (1) the general range of duties, (2) the circumstances under which they were passed, (3) the action taken in regard to them by the representatives of New England, the Middle States, and the South. It has been said that “the tariff of 1816 marks the beginning of protection in this country,” and that “the tariff of 1824 was our first tariff worthy of the name of protection.” Which of these statements is true, if either?
Comment on the following:—
“No protective duty was ever levied on a single article, the home manufacture of which grew to large proportions under that duty, without the price to the consumer growing cheaper, the duty thus being a boon instead of a tax.”
“A duty on an imported article is invariably added to its price, at the cost of the buyer, and added also to the price of like articles made here.”
State carefully the argument for the protection of young industries and mention the conditions, if any, which might justify the application of such protection.
Give a brief critical statement of the views expressed by Hamilton, Gallatin, Clay, and Webster on the protective controversy.

Source: Harvard University Archives. Examination papers in economics, 1882-1935. [Scrapbook of] Prof F. W. Taussig (HUC 7882).

POLITICAL ECONOMY 6.
[Final Examination, June 1885]

State as nearly as you can the duties on the following articles from 1846 to 1884: pig-iron, steel-rails, wool, woollen cloths, silks, coffee, copper.
Take any one of the following articles: pig-iron, wool, woollen cloths, silks, copper; and say something as to the economic effect of the duties on that one between 1860 and 1884.
Give an account of the tariff act of 1864. Compare the tariff policy adopted in the United States after the close of the civil war, and with the policy of France after 1815.
What has been the practice in our tariff acts since 1842 as regards the imposition of specific and ad valorem duties? Comment on the following: “It is an economic truth that the ad valorem system is the only equitable rule for assessing duties. With the whole power of a great government behind, there is no reason why the laws of the country should not be enforced. The outcry of undervaluation is simply a trick to blind the people, as it would be impossible to enact a law imposing duties of 80, 100, even 200 per cent. in the plain unvarnished form of ad valorem duties.”
Comment briefly on two of the following:—
(1)”The fairest and most satisfactory test of the effect of the tariff on prices is to compare prices of the same article under high and low tariffs. The average gold price of pig-iron before 1860 was $28.50 per ton; in recent years it has been $33.70. The average is higher by $5.20 under a high tariff than during the period of low duties.”
(2) “Nothing can be more false than the claim of free trade advocates than that a duty is a tax that comes out of the farmers and artisans of this country. By far the greater part of the revenue collected on importations is the toll paid by people of other countries for the admission of their goods…I was assured by a score of manufacturers in England that the recent increase in the French tariff came out of their pockets, and not from the consumers in France; that they were compelled to sell their goods in France at the same price as before the increase of duty.”
(3) “A conclusive answer to the assertion that the protective policy secures high wages to the laborers of this country, is found in the fact that wages are higher in the United States—absolutely and in comparison with the old world rates—in those industries which do not have, or confessedly do not need, protection.”
Compare the grounds on which a policy of protection has been advocated in recent years with the grounds put forward in 1820-30, and give any reasons that may occur to you for changes in the arguments.

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Political Economy 7. Prof. Dunbar. 1 hour per week. [Consent of instructor required]

Comparison of the Financial Systems of France, England, Germany, and the United States

Omitted in 1884-85.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

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Political Economy 8. Prof. Dunbar. 1 hour per week. [Consent of instructor required]

History of Financial Legislation in the United States.

Total: 39: 1 Graduate, 28 Seniors, 7 Juniors, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1884-85, p. 86.

POLITICAL ECONOMY 8
[Final Examination, June 1885]

[Omit two questions.]

State the circumstances which led to the adoption of the Independent Treasury and hard money as the policy of the Democratic party.
How close an approach had been made to the issue of a government currency, prior to the Act of July 17, 1861?
What has been the legislation since 1861 on the taxation of United States bonds,
(1) by national authority,
(2) by State authority,
and the reasons therefor?
The causes of the failure of the movements for resumption from 1865-70.
The reasons for and against the claim of authority, under which Mr. Richardson increased the outstanding legal tender notes from $356,000,000 to $382,000,000.
Trace the origin of the present three percents of the United States.
Criticise the following extract from Mr Boutwell’s Finance Report of 1872:—
“As the circulation of a bank is a source of profit, and as the managers are usually disposed to oblige their patrons by loans and accommodations, it can never be wise to allow banks or parties who have pecuniary interests at stake to increase or diminish the volume of currency in the country at their pleasure. Nor do I find in the condition of things a law or rule on which we can safely rely. Upon these views I form the conclusion that the circulation of the banks should be fixed and limited, and that the power to change the volume of paper in circulation, within limits established by law, should remain in the Treasury Department….
“The problem is to find a way of increasing the currency for moving the crops and diminishing it at once when that work is done. This is a necessary work, and, inasmuch as it cannot be confided to the banks, where, but in the Treasury Department, can the power be reposed?”

Images Source: Harvard Library, Hollis Images. Charles F. Dunbar (left) and James Laurence Laughlin (middle) and Frank W. Taussig (right).

Tags Dunbar, Laughlin, Taussig

Exam Questions Harvard

Harvard. Exams for the three courses in political economy. Laughlin and Taussig, 1882-1883

Post author By Irwin Collier
Post date 2020-08-19

After Professor Charles Dunbar stepped down from his Harvard Deanship, he took sabbatical leave to go to Europe in 1882-83. Frank William Taussig was appointed instructor to help J. Laurence Laughlin cover the three course offerings for political economy that year. In Taussig’s course scrapbook in the Harvard archive, we find that he listed grades for 71 students in Political Economy 1 (1882-83), i.e., about half of the reported enrollment for that course. Thus we may presume that Laughlin and Taussig taught separate sections of the course with a common final examination.

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Course Announcements

Political Economy.

1. Mill’s Principles of Political Economy. — Lectures on Banking and the Financial Legislation of the United States. Mon., Wed., Fri., at 9. Mr. Taussig and Dr. Laughlin .

2. Cairnes’s Leading Principles of Political Economy. — History of Political Economy. – McKean’s Condensation of Carey’s Social Science. — Lectures. Mon., Wed., Fri., at 2. Dr. Laughlin.

As a preparation for Course 2, it is necessary to have passed satisfactorily in Course 1.

3. Economic Effects of Land Tenures in England, Ireland, France, Germany, and Russia. Once a week, counting as a half-course. Dr. Laughlin.

Source: The Harvard University Catalogue, 1882-83, pp. 89-90.

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Course Enrollments

1. Mill’s Principles of Political Economy. — Lectures. Dr. Laughlin and Mr. Taussig.

Total 155: 1 Graduate, 22 Seniors, 113 Juniors, 13 Sophomores, 6 Others. 3 hours/week.

2. Cairnes’s Leading Principles of Political Economy. — History of Political Economy. — McKean’s Condensation of Carey’s Social Science. — Lectures. Dr. Laughlin. 3 hours/week.

Total 35: 2 Graduates, 24 Seniors, 8 Juniors, 1 Other.

3. Studies in Land Tenures of England, Ireland, and France. — Theses. Dr. Laughlin. 1 hour/week.

Total 7: 1 Graduate, 6 Seniors.

Source: Harvard University. Report of the President of Harvard College, 1882-1883, p. 66.

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Course Examinations

POLITICAL ECONOMY 1.
Mid-year 1882-83

I.
(Answer briefly all of the following.)

What distinction does Mill draw between productive and unproductive labor? Discuss the value of this distinction. Distinguish between productive and unproductive consumption.
What is the distinction between fixed and circulating capital? Is money part of the fixed or of the circulating capital of a country? Why?
What are the classes among whom the produce is divided? Are these classes necessarily or usually represented in as many different sets of persons? How could you classify the peasant proprietor?
Of what commodities are the values governed by the law of cost of production? Explain the process by which that law operates.
“Rent does not enter into the cost of production of agricultural produce.” Explain.
What regulates the value of an inconvertible paper currency? What cause it to depreciate? Discuss briefly the results of depreciation.
Arrange the following items on the proper sides of the account:—

Circulation	315.0
Due to Bans	259.9
Legal Tender Notes	63.2
Loans	1,243.2
Bond for circulation	357.6
Due from Banks	198.9
Deposits	1,134.9
Specie	102.9

Compute just how much circulation is permitted by our laws; and give in figures both the (1) reserve required at 25%, and the (2) difference between the actual and required reserve, on the basis of the above account.

Compare the plans of our National Bank system with those of the Bank of England and the Imperial Bank of Germany in regard to the security of note-issues.

II.
(Answer more fully three of the following.)

What are the constituent elements of what Mill calls “profits”? Explain what is meant in common language by the word “profits,” and discuss the nature of profits in this sense.
“The laws of the production of wealth partake of the nature of physical truths…It is not so with the distribution of wealth. That is a matter of human institution solely.” Explain the distinction, and show its connection with the subjects of communism and socialism.
Mention the methods by which it is attempted to keep gold and silver concurrently in circulation. Explain why “a double standard is alternately a single standard.” Does this tend to be the case now in the United States?
Distinguish between real and proportional wages, and illustrate the distinction. In what sense is the word wages used when it is said that the profits depend on wages, rising as wages fall, and falling as wages rise?
It is not a difference in the absolute cost of production which determines the international cost of exchange, but a difference in the comparative” Explain this proposition, and apply it to the trade between the United States and European countries. Is the trade between tropical and temperate countries based, in the main, on a difference of absolute or of comparative cost?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 2. Bound volume Examination Papers, 1881-83. Papers Set for Mid-Year Examinations in Rhetoric, Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (February, 1883), pp. 8-10.

POLITICAL ECONOMY 1.
Year-end 1882-1883

I.
(Take all of this group.)

Explain what is meant by a bill of exchange. What causes bills on a foreign country to be at a premium or discount? Show in what way the premium (or discount) is prevented from going beyond a certain point.
Is there any connection between the rate of interest and the abundance or scarcity of money? Explain and illustrate the following: “The rate of interest determines the price of land and of securities.”
Describe the three different kinds of cooperation, and say something of the success attained by each. What are the two classes of distributive cooperation, and wherein do they differ?
Show under what circumstances the increase of capital brings about the tendency of profits to fall. What influences counteract this tendency?
Explain what is meant by the rapidity of circulation of money. What is the effect of great rapidity of circulation on prices and on the value of money? What is the effect of the use of credit? Mention the more important methods in which credit is used as a substitute for money.

II.
(Omit one of this group.)

Discuss the effect of the introduction of a new article of export from a given country on the course of the foreign exchanges in that country, on the flow of specie, and on the terms of international trade (i.e. on international values).
What are the causes which enable one country to undersell another? Do low wages, or a low cost of labor, form one of those causes?
Discuss the immediate and the ultimate effects on rents of the introduction of agricultural improvements. Do those ultimate effects which Mill describes necessarily take place?
What is the immediate and what the ultimate incidence of a tax on houses? Show in what manner the incidence of a tax on building-ground differs, according as the tax is specific (so much on the unit of surface), or rated (so much on the value).

III.
(Omit one of this group.)

Describe the situation which caused the banks in the United States to suspend specie payments in 1861.
What is the difference between bonds and Treasury notes? Name and explain the different kinds of bonds issued during the war.
Explain the causes which made possible the great sales of five-twenty bonds in 1863.
What arguments were advanced for the continuance of the National Bank System in 1882?

Source: Harvard University Archives. Harvard University, Examination papers, 1873-1915. Box 2. Bound volume Examination Papers, 1881-83. Papers Set for Final Examinations in Rhetoric, Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1883), pp. 7-8.

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Course Examinations

POLITICAL ECONOMY 2.
Mid-year 1882-83

Give a careful statement of Mr. Cairnes’s theory of market and normal value.
How far is it right to suppose that the competition of (1) capital and (2) of labor is effective?
Explain and discuss the statement that “the wages-fund expands as the supply of labor contracts, and contracts as the supply expands.”
Agricultural products in England are as dear as one hundred years ago; in the meantime there has been extraordinary industrial progress. What conclusion is to be drawn as to the increase of wages and profits from the first fact, and who has ultimately gained by the second?
Mill thinks that, although “the great efficiency of English labor is the chief cause why the precious metals are obtained at less cost by England,” the “somewhat higher range of general prices in England” is accounted for by the foreign demand, and the unbulky character of her commodities.
What different explanation is offered by Mr. Cairnes?
Examine the following:—
“It seems to me that protection is absolutely essential to the encouragement of capital, and equally necessary for the protection of the American laborer….He must have good food, enough of it, good clothing, school-houses for his children, comforts for his home, and a fair chance to improve his condition. To this end I would protect him against competition with the half-paid laborers of European countries.”— Cong. Globe.
If there should be a considerable falling off in the foreign demand for the products of one group of industries, such as our bread-stuffs, how would that affect wages in this country?
What is the argument against the theory that the Bank of England brought about resumption of specie payments in England in 1821 by a contraction of its note-issues?
In what period in the history of economic doctrines would you place the writer of the following passage?
“The strength of a community declines with increase in the rate of interest. That increase results from efflux of the precious metals.” Explain.
Comment on the main doctrines held by Cantillon and Storch.

POLITICAL ECONOMY 2.
Year-end 1882-1883

[Do not change the order of the questions.]

Examine the following doctrine:—
“If invention and improvement still go on, the efficiency of labor will be further increased, and the amount of labor and capital necessary to produce a further increased, and the amount of labor and capital necessary to produce a given result further diminished. The same causes will lead to the utilization of this new gain in productive power for the production of more wealth; the margin of cultivation will be again extended, and rent will increase, both in proportion and amount, without any increase in wages and interest. And so,…will…rent constantly increase, though population should remain stationary.”—Henry George, Progress and Poverty (p. 226).
What is meant by the “comparative costs of production,” on which international values are said to depend, and how is that dependence to be reconciled with the fact that any given sale of goods is found to be an independent transaction, determined by the price of the commodity?
How does the doctrine of reciprocal demand between different industries apply to the argument in favor of a diversity of employments in a new country, as laid down by Hamilton in his Report on Manufactures?
Of the economic doctrines generally accepted to-day which would you consider as having originated with Adam Smith?
Discuss the following words of Mr. Carey:—
“From 1810 to 1815 mills and furnaces were built, but with the return of peace, their owners…were everywhere ruined…From 1828 to 1834, such establishments were again erected, and the metallic treasures of the earth were being everywhere developed; but, as before, the protective system was again abandoned, with ruin to the manufacturers.” (Vol. II, p. 224.)
Explain the relation, in Mr. Carey’s system, between “wealth,” “utility,” “value,” and “capital.” State clearly the “harmony of interests” between labor and capital, and the connection of this with the wages question.
Point out Mr. Carey’s objections to the doctrine of Malthus. How far does his position on this question affect his acceptance of Ricardo’s law of rent?
Discuss the following statement:—
“If such [a] league be formed on a permanent basis between a considerable number of important commercial countries, even though it does not embrace all countries, the relative value of gold and silver will be kept close to the mint ratio so established.”—A.Walker, Political Economy (p. 408).
Examine this position:—
“The rent of mines is not governed wholly by the economic law of rent which, as stated, has reference to the native and indestructible powers of the soil….By the very nature of such deposits [i.e. in mines], the enjoyment of mining privileges diminishes the sum of the mineral in existence. The mine may be ‘worked out’ in ten years or in twenty….The rent must be increased sufficiently to compensate for the ultimate exhaustion of the deposits: the destruction of the value of the estate.”
Describe the form in which Germany actually received the payment of the indemnity from France.

______________________________

Course Examinations

POLITICAL ECONOMY 3.
Mid-year 1882-83

What is the usual legal conception of property in the increased value of land? How far is this justified?
In the claims of tenants for compensation for unexhausted improvements what weight do you give to the argument of landlords that legislation on this subject would be an interference with freedom of contract?
What was the Agricultural Holdings Act of 1875? What were its results?
Discuss the present length of leases in England, and compare with that of a century ago. Are there any political causes affecting the question?
What is the aim of the Registration of Titles Act of 1875? What is the system of transferring property in England now actually in use?
State some of the effects of the practice of entails on the application of capital to land. Point out how this question has been discussed in its relation to wages.
What change has been going on in the character of English agriculture within the last thirty years? What influences do you attribute to American competition in this matter?
In the depression of English agricultural interests, which class connected with the land seems to have suffered most?
What has been the relation of the agricultural laborer to the land, and how far has it been possible for him to improve his position?
It is said that farmers can use their capital more profitably in farming hired land than in sinking it in the purchase of the soil. What do you think on the advantages to the cultivators of owning the land in England?

POLITICAL ECONOMY 3.
Year-end 1882-1883

State what you believe to be the most important effects of the Repeal of the Corn Laws upon agriculture and the present system of land-holding in England.
It has been asserted that “a peasant population, raising their own wages from the soil, and consuming them in kind, are universally acted upon very feebly by internal checks, or by motives disposing them to restraint. The consequence is, that unless some external cause, quite independent of their will, forces such peasant cultivators to slacken their rate of increase, they will, in a limited territory, very rapidly approach a state of want and penury, and will be stopped at last only by the physical impossibility of procuring subsistence.” What testimony on this question is offered by the experience of France and Germany?
How does absenteeism (1) affect the production of agricultural wealth? (2) Does it modify the laws of distribution?
Give an explanation of the fact that in Ireland custom forces the tenant, not the landlord, to carry out the improvements on the soil. How far does this affect the question of compensation for unexhausted improvements.
To what do you ascribe the “land-hunger” and rack-rents in Ireland? Why have manufactures not aided the agricultural classes, as they have in the north of England?
What were the “Bright clauses” of the Irish Land Act of 1870, and their results? Describe briefly the provisions of the Irish Land Act of 1881.
In view of new legislation in favor of English tenants, it is stated by the journals that to-day the Irish stands on a better legal footing than the English tenant. If this is true, point out the different advantages by the former.
Under the old régime in France it is clear not only that there were many peasant proprietors, but also that agriculture was not flourishing. What other economic forces were at work, and what causes would you assign as the ones unfavorable to agriculture?
What were the facts as to the increase of population (1) under the old régime, and (2) after the extension of small holdings? What light does this throw on the Irish land question?
Discuss the evils supposed to arise from the French law of equal partition of property among the heirs at the death of the owner.
Describe briefly the reforms of Stein and Hardenberg in the land legislation of Germany. What parallel is drawn between this plan and the course followed by France?

Image Source: Harvard Library, Hollis Images. James Laurence Laughlin (left) and Frank W. Taussig (right).

Tags Dunbar, Laughlin, Taussig

Exam Questions Harvard

Harvard. Final Exam for International Trade and Tariff Policies. Taussig, 1921-22

Post author By Irwin Collier
Post date 2020-06-11

Normally I double check the instructor listed in the course announcements (ex ante) with the instructor named in the Harvard presidential report for the year (ex post). For some reason this information for instruction during the academic year 1921-22 was not published in the annual presidential report. Fortunately Frank Taussig kept a scrap-book of all his course examinations, where we find a copy of the 1922 mid-year exam for Economics 9b. Thus we can be sure International Trade and Tariff Policy was actually taught by the grand old man of the Harvard economics department that year as well.

__________________________

Course Announcement
First Half-Year

9b ¹hf. International Trade and Tariff Policies

Half-course (first half-year). Tu., Th., at 2.30. Professor Taussig.

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1921-22, 3rd edition, p. 110.

__________________________

1921-22
HARVARD UNIVERSITY
ECONOMICS 9b¹
[Mid-Year Examination]

Arrange your answers strictly in the order of the questions. Answer all the questions.

I

One page at most for each of the following; one hour at most for the entire group.

How did the reciprocity treaty with Hawaii affect the price of sugar to the consumer in the United States? the reciprocity treaty with Cuba?
What is meant by the “compensating system” for woolens? Was it applied in 1909? In 1913?
What might the development of the copper industry be supposed to show concerning the effects of the tariff? What does it show in fact?
What do you conceive to be meant by a tariff for revenue with incidental protection? One for protection with incidental revenue?
Explain:
—comparative advantage,
—superior advantage,
—inferior disadvantage.
Are the effects of the conditions described by these terms, on international trade, essentially similar or essentially different?

II

To be answered more fully.

If there were universal free trade between nations, would there be a tendency toward
1. Equalization of money wages?;
2. equalization of “real” wages?;
3. equalization of the price of commodities?
Is the theory of international trade and international payments verified or not verified by (a) the course of events in Canada 1900-10? (b) the course of imports and exports in the United States 1900-10?
“The real reason why Americans are more likely to hold their own where machinery is much used and where hand labor plays a comparatively small part in the expenses of production is”—what? Answer and explain.
“Would it be a reasonable law to prohibit the importation of all foreign wines merely to encourage the making of claret and burgundy in Scotland? But if there would be a manifest absurdity in turning towards any employment thirty times more of the capital and industry of the country than would be necessary to purchase from foreign countries an equal quantity of the commodities wanted, there must be an absurdity, though not altogether so glaring, yet exactly of the same kind, in turning towards any such employment a thirtieth, or even a three-hundredth part more of either. Whether the advantages which one country has over another be natural or acquired is in this respect of no consequence. As long as the one country has those advantages, and the other wants them, it will always be more advantageous for the latter rather to buy of the former than to make. It is an acquired advantage only, which one artificer has over his neighbor, who exercises another trade; and yet they both find it more advantageous to buy of one another than to make what does not belong to their particular trades.”
Who wrote this passage? [A. The quote is from Adam Smith’s Wealth of Nations.] Is there a manifest absurdity? Is it of “exactly the same kind” in the second case stated [a thirtieth or three-hundredth part]? Is it of no consequence whether the advantages of a given country be natural or acquired?
In what way, if at all, does the existence of “non-competing groups” within a country operate to make the country’s international trade different from what it would be if there were no such groups?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 10, Bound volume: Examination Papers, Mid-Years, 1920-22.

Image Source: Frank Taussig, March 22, 1917. Library of Congress Prints and Photographs Division Washington, D.C. 20540 USA.

Tags Taussig

Economists Harvard Seminar Speakers

Harvard. Members of the Economics Seminary, 1897-1898

Post author By Irwin Collier
Post date 2020-05-28

Economics in the Rear-view Mirror has posted the names and topics for presentations from 1891/92 through 1907/08 from Harvard’s Seminary in Economics. These lists were published in the Harvard Catalogues for the following academic years, providing us with the actual names and topics. I came across the following announcement for the academic year 1897/98 that provides a bit more information about the presenters but also shows us that there were a couple of deviations from the original, planned schedule. When I compared the members to the list of Harvard economics Ph.D.’s for the 1875-1926, I was somewhat surprised that the majority of presenters did not go on to complete Harvard Ph.D.’s. I decided to track down everyone listed as a member of the seminary in 1897-98, to see what I could find. Actually, I found quite a lot to include in this post.

_________________________

HARVARD UNIVERSITY.
SEMINARY IN ECONOMICS.
[Announced]
1897-98.

INSTRUCTORS.

Professor C. F. Dunbar, 14 Highland St.
Professor W. J. Ashley, 6 Acacia St.
Professor Edward Cummings, Irving St.
Professor F. W. Taussig, 2 Scott St.

MEMBERS.

Morton A. Aldrich, A.B. (Harvard), Ph.D. (Halle). Henry Bromfield Rogers Memorial Fellow. 24 Thayer Hall.

Subject: The History of the American Federation of Labor.

Frederick A. Bushée, B.L. (Dartmouth). University Scholar. 7 Wendell St.

Subject: The Growth and Constitution of the Population of Boston.

Ralph W. Cone, A.B. (Kansas Univ.), A.B., A.M. (Harvard). University Scholar. 23 Hilton.

Subject: Railway Land Grants, with special reference to the Pacific railways.

Adolph O. Eliason, L.B. (University of Minnesota), A.B. (Harvard). 34 Divinity Hall.

Subject: The Distribution of National and State Banks [in] the United States, with special regard to the States of the Northwest.

John E. George, Ph.B. (North Western Univ.), A.M. (Harvard). Paine Fellow. 10 Oxford St.

Subject: The Condition and Organization of Coal Miners in the United States.

D. Frederick Grass, Ph.B. (Iowa Coll.). 14 Shepard St.

Subject: Antonio Serra, and the Beginning of Political Economy in Italy.

Charles S. Griffin, A.B. (Kansas), A.B., A.M. (Harvard). Assistant in Political Economy. 43 Grays Hall.

Subject: The Taxation of Sugar and the Sugar Industry in Europe and America.

W. L. Mackenzie King, A.M., LL.B. (Univ. of Toronto) Townsend Scholar. 14 Sumner St.C

Subject: The Clothing Trade and the Sweating System, in the United States, England, and Germany.

H.C. Marshall, A.B. (Ohio Wesleyan), A.B., A.M. (Harvard). Henry Lee Memorial Fellow. 29 Grays Hall.

Subject: History of Legal Tender Notes after the close of the Civil War.

Randolph Paine, Senior in Harvard College. 32 Mellen St.

Subject: The Growth of the Free Silver Movement since 1860.

C. E. Seaman, A.B., (Acadia), A.B., A.M. (Harvard). Assistant in Government. 31 Holyoke St.

Subject: The Intercolonial Railway of Canada.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 1, Folder “Economics, 1897-1898”.

_____________________________

Report of the actual meetings of the Seminary of Economics, 1897-98

At the joint meetings of the Seminary of American History and Institutions and the Seminary of Economics: —

Some results of an inquiry on taxation in Massachusetts. Professor F. W. Taussig.

The Making of a Tariff. Mr. S. N. D. North.

The currency reform plan of the Indianapolis convention. Professor Dunbar.

At the Seminary of Economics: —

Trade-unions in Australia. Dr. M. A. Aldrich.

The coal miners’ strike of 1897. Mr. J. E. George.

An analysis of the law of diminishing returns. Dr. C. W. Mixter.

The Secretary of the Treasury and the currency, 1865-1879. Mr. H. C. Marshall.

An inquiry on government contract work in Canada. Mr. W. L. M. King.

The sugar industry in Europe as affected by taxes and bounties. Mr. C. S. Griffin.

The security of bank notes based on general assets, as indicated by experience under the national bank system. Mr. A. O. Eliason.

The inter-colonial railway. Mr. C. E. Seaman.

Some results of the new method of assessing the income tax in Prussia. Dr. J. A. Hill.

Antonio Serra and the beginnings of political economy in Italy. Mr. D. F. Grass.

The American Federation of Labor. Dr. M. A. Aldrich.

The earlier stages of the silver movement in the United States. Mr. Randolph Paine.

The land grant to the Union Pacific Railroad. Mr. R. W. Cone.

Source: Harvard University Catalogue 1898-99, pp. 400-1.

_____________________________

Economic Seminar Members

Morton Arnold Aldrich.
(b. Jan. 6, 1874 in Boston; d. May 9, 1956 in New Orleans)

If you had to pick one individual most responsible for the founding of the A. B. Freeman School of Business [at Tulane University], that individual would be Morton A. Aldrich, the business school’s first and longest-serving dean. A summa cum laude graduate of Harvard with a PhD from Germany’s University of Halle, Aldrich joined Tulane in 1901 as an assistant professor of economics and sociology in the College of Arts and Sciences, and he wasted little time making his intentions known. A 1902 article in the Times-Picayune describes a lecture in which Aldrich declared Tulane’s intention to establish a College of Commerce. “In New Orleans, it is unfortunate that so many businessmen come from the North and from abroad,” Aldrich is quoted as saying. “We are glad to have them, to be sure, but would it not be more satisfactory if we could educate Louisianians to become leaders to a greater extent?”

Aldrich was a man of contradictions. He was a worldly and erudite scholar yet at the same time an everyman who enjoyed swapping stories with trappers and fishermen at his camp on Lake Pontchartrain. Aldrich prided himself on his ability to get along with everyone, and it was that knack for bringing disparate groups together that ultimately helped him found Tulane’s College of Commerce and Business Administration.

In 1902, business education was still viewed by many as vocational training, a field not worthy of a university of Tulane’s stature. But even if there had been more widespread support for business education within the university, Aldrich still faced obstacles. Tulane President Edwin Alderman informed Aldrich in no uncertain terms that the cash-strapped university simply did not have the resources to establish a new college.

Undeterred, Aldrich turned his attention to the business community. In 1909, he founded the Tulane Society of Economics, which sponsored lectures that highlighted the intersection of economic theory and business practice. Many of the city’s most prominent businessmen became members of the society. In 1912, Aldrich drafted a tax reform proposal for the state of Louisiana that further established his reputation in the business community. A year later, he became a charter member of the New Orleans Association of Commerce, a new organization established to help promote the city’s economic interests. With the membership of the Association of Commerce in his corner, Aldrich realized he finally had the business support he had been cultivating for the previous 10 years.

In 1913, the Association of Commerce sent a letter to Tulane President Robert Sharp asking the university to establish a College of Commerce. Sensing the shift is public sentiment regarding business education, Sharp did not rule out the creation of a commerce college. Instead, he simply said that Tulane did not have the money. That response set in motion a whirlwind of activity at the Association of Commerce. By the fall of 1914, the association presented Tulane with a plan to underwrite the cost of establishing a business college. The Board of Tulane endorsed the proposal, and Sharp appointed Aldrich as the first dean of the newly formed Tulane University College of Commerce and Business Administration.

Aldrich went on to serve as dean of the college for 25 years. In that time, he built the college from a small, part-time program to a successful degree-granting institution with 871 students spread across day and evening programs. He also personally hired each of the college’s full-time professors—the so-called “Nine Old Men” of the business school—who would serve as the core of the faculty for the next 40 years.

In a very real sense, Aldrich helped to transform Tulane from a 19th century liberal arts college to a modern 20th century university with academic divisions spanning a variety of fields and disciplines.

Besides being a significant figure in business education at Tulane, Aldrich was also a pioneer in business education nationally. He helped to establish the Association to Advance Collegiate Schools of Business (AACSB), which today is the leading worldwide accrediting organization for business schools, and he served as the organization’s secretary for the first six years of its existence.

Aldrich stepped down as dean in 1939 when he reached the mandatory faculty retirement age of 65. Although he was honored by alumni on several occasions and remained friends with Tulane President Rufus Harris, he never returned to campus.

Aldrich died in New Orleans on May 9, 1956.

Each week during our Centennial Celebration, the Freeman School is highlighting some of the well-known and not-so-well-known people who helped to make the first 100 years of business education at Tulane University so special.

Source: From the Morton A. Aldrich webpage at the Freeman School of Business – Tulane University Centennial website (2013). Morton A. Aldrich from the 1915 edition of the Jambalaya student yearbook.

Dissertation (Halle-Wittenberg, 1897)

Morton Arnold Aldrich, Die Arbeiterbewegung in Australien und Neuseeland. (Published by Barras, 1897).

* * * * * * * * * * * * * *

Frederick Alexander Bushée
(b. July 21, 1872 in Brookfield, VT; d. Apr. 4, 1960 in Bolder, CO)

Harvard 1902 doctoral dissertation: Ethnic factors in the population of Boston. New York, Macmillan (London, Sonnenschein), 1903, 8°, pp. viii, 171 (Publ. Amer. Econ. Assoc., ser. 3, 4: no. 2). Preliminary portion pub. as “The growth of the population of Boston,” in Publ. Amer. Statist. Assoc., 1899, n. s., 6: 239-274.

Image Source: University of Colorado yearbook Coloradoan 1922 (Vol. 24), p. 32.

Timeline from:
Reminiscence of the Bushees by Earl David Crockett, the son of Bushee’s successor at the University of Colorado

1872, July 21. Born in Brookfield, Vermont.
1894. Litt. B. Dartmouth College.
1894-95. Resident South End House, Boston.
1895-96. Hartford School of Sociology.
1896-97. Resident South End House, Boston.
1897-1900. Graduate student, Harvard University.
1898. Harvard University, A.M.
1900-01. Collège Libre des Sciences Sociales, Collège de France, Paris; University of Berlin.
1901-02. Assistant in Economics, Harvard University.
1902. Harvard University, Ph.D. in Political Science.
1902-03. Instructor in Economics and History in the Collegiate Department of Clark University.
1903-08. Assistant Professor in Economics, Clark University.
1907-08. Instructor in Economics and Sociology, Clark University.
1910-12. Professor of Economics and Sociology at Colorado College.
1912. Hired by University of Colorado. Boulder, Colo.
1916. Professor of Economics and Sociology, and Secretary of the College of Commerce, University of Colorado. Boulder, Colo.
1925-32. Professor of Economics and Sociology, and Acting Dean of the School of Business Administration, University of Colorado. Boulder, Colo.
1939. Retired.
1960, April 4. Died in Boulder, Colorado.

Robert Treat Paine Fellowship
1899-1900

Frederick Alexander Bushée. Litt.B. (Dartmouth Coll., N.H.) 1894, A.M. 1898.—Res. Gr. Stud., 1897-99.—University Scholar, 1897-98; Townsend Scholar, 1898-99. Student of Economics, at this University.

Source: Harvard University. Report of the President of Harvard College, 1898-1899, p. 149.

* * * * * * * * * * * * * *

Ralph Waldo Cone
(b. April 21, 1870 in Seneca, KS; d. January 2, 1951 Kansas City, MO)

A.B. Univ. Kan. 1895; A.B. Harvard 1896.; A.M. Harvard 1897.

1899-1906. Assistant Professor of Sociology and Economics. University of Kansas.

1907-Associate Professor of Sociology and Economics.

1910 U.S. Census listed as professor, starting with the 1920/30/40 U.S. Census listed as farmer.

1910/11 University of Kansas Annual Catalogue (p. 194) lists Associate Professor Cone as “resigned”, probably as announcement for 1911/12.

Image Source: University of Kansas. The Jayhawker. Yearbook of the Senior Class, 1906. P. 20.

* * * * * * * * * * * * * *

Adolph Oscar Eliason
(b. May 26, 1873 at Montevideo, Minn; d. April 27, 1944 at Ramsey, Minn.)

Image Source: Harvard College Class of 1897, Twenty-Fifth Anniversary Report.
1896-97 Harvard. A.B.; A.M. 1898; Litt. B. (Univ. of Minn., 1896); Ph.D. (Univ. of Minn., 1901)

“After graduating from Harvard I received a Ph.D. degree from the University of Minnesota in 1901. I then entered the banking business, being connected with the Bank of Montevideo, Minn., was identified with other business activities, and served as president of the Montevideo Commercial Cub. I lectured on banking at the University of Minnesota, and wrote some monographs on this subject…”

Source: Harvard College Class of 1897. Twenty-fifth Anniversary Report [Number VI, 1922], pp. 173-174.

Ph.D. Thesis, University of Minnesota.

Adolph O. Eliason. The Rise of Commercial Banking Institutions in the United States. 1901.

Another Publication

Adolph O. Eliason. The Beginning of Banking in Minnesota, read at the monthly meeting of the Executive Council of the Minnesota Historical Society, May 11, 1908.

* * * * * * * * * * * * * *

John Edward George
(b. May 12, 1865 near Braceville, IL; d. Jan. 18 1905)

Born 12 May 1865, near Braceville, Ill. Prepared in Grand Prairie Seminary, Onarga, Ill. Entered college on state scholarship. Ph.B. Hinman; Sigma Alpha Epsilon; Phi Beta Kappa. Member of United States Life-Saving Crew; Cushing prize in Economics. 1896-97, student at Harvard University on Chicago Harvard Club scholarship. 1897, A.M., ibid. 1897-98, Robert Treat Paine Fellow at Harvard University; reappointed in 1898, with leave to study abroad. 1899, Ph.D., University of Halle, Germany. Instructor in Economics and History, Grand Prairie Seminary, 1895-96; secretary and statistician of Improved Housing Association, Chicago, 1899-1900; Instructor in Roxbury Latin School, Boston, Mass., 1900; Instructor in Political Economy, Northwestern University, 1900-01; Assistant Professor, 1901–. Member of American Economic Association.

Source: Northwestern University. Alumni Record of the College of Liberal Arts, 1903, p. 257.

Ph.B. (Northwestern Univ., 1895). John Edward George. The Saloon Question in Chicago. American Economic Association, Economic Studies. Vol. II, No. 2 (April, 1897).

“Mr. George’s essay was awarded the Cushing prize, offered in Northwestern University, for the best essay on the subject.”

John E. George. The Settlement in the Coal-Mining Industry. Quarterly Journal of Economics, Vol. 12, No. 4 (1898), pp. 447-460.

Robert Treat Paine Fellowship
1897-98.

John Edward George. Ph.B. (Northwestern University) 1895, A.M., 1897.—Res. Gr. Stud., 1896-97.—Scholar of the Harvard Club of Chicago, 1896-97.—Student of the Ethical Problems of Society, at this University.
Now continuing his studies in Germany.

Source: Harvard University. Report of the President of Harvard College, 1897-1898, p. 142.

Robert Treat Paine Fellowship
1898-99.

John Edward George. Reappointed.
Ph.B. (Northwestern Univ., Ill.) 1895, A.M., 1897.—Res. Gr. Stud., 1896-98.—Non-Res. Stud., 1898-99.—Student of the Ethical Problems of Society, at this University (1897-98) and in Germany (1898-99).
Engaged in sociological investigation, in Chicago.

Source: Harvard University. Report of the President of Harvard College, 1898-1899, p. 149.

Passport application
(sworn Boston, June 29, 1898)

John Edward George for a passport for self and wife. Born near Braceville, Illinois on May 12, 1865. “I follow the occupation of student at Harvard University, Cambridge, Mass.” Intend to return to U.S. in a year. Stature 5 feet 7 ¾ inches.

Ph.D. dissertation, 1899

Die Verhältnisse des Kohlenbergbaues in den Vereinigten Staaten, mit besonderer Bezugnahme auf die Lage der Bergarbeiter seit dem Jahre 1885. Halle a.S. (Frommann in Jena), 1899.

1900 U.S. Census. Cambridge, Irving Street.

Listed as visitor (with his wife Adda G., born Sept. 1874 Illinois) of Harvard Professor Charles Eliot Norton.

Obituary

DR. JOHN EDWARD GEORGE DEAD.
Former Professor of Economics at Northwestern University Succumbs After Long Illness.
Chicago Tribune (Friday Jan 20, 1905), p. 5.

Dr. John Edward George, who was compelled to resign his position as assistant professor of economics at Northwestern university because of illness two years ago, died of heart trouble at the Wesley hospital Wednesday night.

He was graduated from Northwestern in 1895, and during the following two years studied at Harvard and then at the University of Halle, where he received the degree of doctor of philosophy. He became a member of the faculty of Northwestern in 1900.

Dr. George was a member of the Sigma Alpha Epsilon and Phi Beta Kappa fraternities and of the American Economic association. It was in the publications of the last named organization that he won a name that has hardly been excelled by so young a student of economics. Ile left a widow and one daughter. The funeral will be held In the town of his birth, Braceville, Ill., Saturday afternoon.

* * * * * * * * * * * * * *

Donald Frederick Grass
(b. May 5, 1873 in Council Bluffs, IA; d. Oct. 2, 1941 in Sacramento, CA)

Donald Frederick Grass, Ph.D. Professor of Business Administration. 923 Seventh
Ph.B., Grinnell; A.B., A.M., Harvard; Ph.D., Stanford. Assistant Professor of Business Administration, Grinnell, Second Semester, 1917; Associate Professor, 1918; Professor of Business Administration, 1919—.

Source: Grinnell College Bulletin, Vol. XX, No. 1 (May, 1922), p. 17.

The decade 1900-1909

From his 1902 Iowa marriage record one finds that he was working as a bank cashier in Macedonia, Iowa.

Entries for “Donald Frederick Grass” in the Stanford Alumni Directory (1920)

“Assistant Professor of Economics. At Stanford 1910-17.” (p. 31)

“Ph.D. Econ., May ’14; A.B. and A.M., Harvard, ’98 and ’99; PhB., Grinnell College, ’94. m. March 30, 1904, Minnie Jones. Professor of Business administration, Grinnell College. Residence, 923 Seventh Ave., Grinnell, Ia.” (p. 234)

Source: Stanford University. Alumni Directory and Ten-Year Book (Graduates and Non-Graduates) III. 1891-1920.

Listed as Instructor in the Department of Economics and Social Science at Stanford 1912/13
Source: Graduate Study 1912-13. Bulletin of Leland Stanford Junior University, No. 63 (April 1913), p. 28.

Listed as Assistant Professor 1916/17.
Source: Graduate Study 1916-17. Bulletin of Leland Stanford Junior University, No. 92 (June 16, 1913), p. 34.

Sept. 12, 1918 Draft Registration Card

Donald Frederick Grass. b. May 5, 1873
Present Occupation: Professor at Grinnell College, Grinnell, Iowa
Nearest relative: wife Minnie Grass (also residing at 1120 Broad St. Grinnell, Iowa).

Obituary
reported in The Gazette (Cedar Rapids, Iowa) October 3, 1941, Friday. Page 6.

“Donald F. Grass, professor emeritus of business administration at Grinnell college, died Thursday in Sacramento, California, according to word received here Friday morning.
Professor Grass retired from the Grinnell faculty in June. He and Mrs. Grass had been living with a daughter in Sacramento.
He came to Grinnell as an assistant professor of business in 1917. In 1919 he became a full professor and was made head of the department, a post he held until he retired.”

Image Source: Donald F. Grass in the Grinnell college yearbook The Cyclone 1931, p. 12.

* * * * * * * * * * * * * *

Charles Sumner Griffin
(b. Oct. 15, 1872 in Lawrence, KS; d. Sept. 10, 1904 at Hakone, Japan.)

Charles Sumner Griffin, A.B. (Kansas, 1894), A.B. (Harvard, 1895), A.M. (Harvard). Assistant in Political Economy.

Passport application. June 1898

Charles Sumner Griffin, born at Lawrence, Kansas on 15 October 1872, occupation student.

Charles Sumner Griffin.
Lawrence Daily Journal
October 15, 1904, p. 1.

The receipt of letters giving the circumstances of his death make it possible to write a full and final account of the life of our late friend and former townsman, Professor Charles S. Griffin. The first twenty-two years of his life were spent In Lawrence where he was born, October 15th, 1872. He received his early education in the schools of this city, graduating from the high school in 1890. He entered the university of Kansas the next autumn and received his bachelor’s degree in 1894 and with it membership in the Phi Beta Kappa society. He entered Harvard university the following fall and received the Harvard A. B. in ’95, the A.M. in ’96. In 1897 he was appointed instructor in economics In Harvard and the next year received a traveling fellowship. After holding this for one year and while still abroad he was appointed, on the nomination of the Harvard authorities, professor of political economy and finance in the Imperial University of Tokio, where he had completed five years of service at the time of his death.

Although he had been in Lawrence but little since his graduation ten years ago, Professor Griffin was well known to all but the most recent comers, having assisted his father, Mr. A. J. Griffin, in his business. Personally he was serious yet at the same time genial and he had a circle of staunch friends among the best of his instructors and his classmates. While he did not learn easily his earnestness and persistence won for him in all the institutions he attended a reputation for solid and reliable scholarship.

His special study at Harvard was the sugar industry, and his two papers on this subject, published in the Quarterly Journal of Economics, were regarded by Professor Taussig and other authorities as real contributions to knowledge. He had published also in Japan an edition of Rlcardo’s Essays on Currency and Finance, Tokio 1901. Notes on Commercial Policy and Modern Colonization, pp. 130, and Notes on Transportation and Communication, pp. 215, the latter two printed privately at Tokio, 1902. In March in this year the N. Y. Evening Post printed an article by Professor Griffin on the present situation in Japan. For several years he had been preparing to write a Financial History of Japan Previous to the Present Era. To this end he had diligently applied himself to the acquisition of the written and printed languages and was making rapid progress. During the summer just past he had with him on his vacation two Japanese students who were assisting him in the difficult task of learning the Japanese characters, of which there are some ten thousand, and indexing appropriate literature for him. It is not known whether his work on the history had progressed far enough to leave any portion of it in shape for publication, but It is feared not.

Mrs. A. J. Griffin and Miss Edith Griffin visited Mr. Griffin in 1900 and found him happily situated and enthusiastic over the country and his work. In July, 1901 he was married to Mary Avery Greene, daughter of Rev. Daniel C. Greene, the first missionary sent to Japan by the American Board, and to them had been born two children, Charles Carroll and Mary Avery. Professor Griffin spent his summer vacation on the shore of Lake Hakone, about sixty miles from Tokio. As the vacation was almost over, the family was to take a last picnic tea on the shore of the beautiful lake, half an hour from the village. Before tea Mr. Griffin went to the water’s edge for a plunge. He dived in and rose but once. Either he was seized with a cramp or was, stunned by a blow on the head. He was unable to grasp an oar thrown to him and sank before his wife’s eyes in thirty feet of water By the time the body was recovered life was extinct although military surgeons from the near by hospital worked over it for four hours. He was buried September 11, on the top of a hill near the village of Hakone, the coffin decked with Japanese and American flags and covered with flowers, among them a cross sent by Japanese veterans to whom he had endeared himself. The Episcopal service was read and two of Professor Griffin’s favorite hymns sung, one of them a portion of Whitter’s “The Eternal Goodness” containing the stanza,

“I know not where His islands lift
Their fronded palms in air,
I only know I cannot drift
Beyond His love and care.”

Although there is no present palliative for the sense of loss both to his friends and to the world of learning, the memory of Charles Griffin will long remain a grateful inspiration to those who knew him well. His career, though brief, brings honor to his parents, his native city, his alma mater and his state. W.H.C.

* * * * * * * * * * * * * *

Joseph Adna Hill
(b. May 5, 1860, Stewartstown, New Hampshire; d. December 12, 1938 in Washington, D.C.)

Passport application: September 1889. Permanent residence at Temple in New Hampshire, occupation: student. About to go abroad temporarily, to return within three years.

1892 Ph.D. Dissertation

Joseph Anna Hill. Das “Interstate Commerce”-Gesetz in den Vereinigten Staaten. Halle a.S : Frommannsche Buch dr. in Jena, 1892.

1894 translation of Cohn’s History of Political Economy

Gustav Cohn. A History of Political Economy, translated by Joseph Adna Hill. Published as a Supplement to the Annals of the American Academy of Political and Social Science, March 1894. [Volume One, Book One, Chapter Three, pp. 91-181 of Cohn’s System der Nationalökonomie, 2 vols. pp. 649 and 796. Stuttgart, 1885.]

Taught Professor Dunbar’s course in 1896

[Economics] 8². Dr. J. A. Hill.—History of Financial Legislation in the United States. Hf. 2 hours, 2d half-year

Total 64: 5 Graduates, 22 Seniors, 18 Juniors, 6 Sophomores, 4 Law, 9 Others.

Source: Harvard University. Report of the President of Harvard College 1895-1896, p. 64.

Dr. Joseph Adna Hill, Census Bureau Aide, Dies Here at 78
Held Post of Chief Statistician of Research Division Since 1933

Dr. Joseph Adna Hill, 78, chief statistician of the Division of Statistical Research, Census Bureau, died last night of a heart attack at his home 1826 Irving street N.W. Dr. Hill had been engaged in statistical work at the bureau since 1898. He was named chief statistician of a division there in 1909. In 1921 he was appointed assistant director of the 14th census, and in 1930 was made assistant director for the 15th census. He had been chief statistician of the Division of Statistical Research since 1933. He was chairman of the committee appointed by the Secretaries of State, Commerce and Labor to determine immigration quotas.

Dr. Hill was an uncle of Gen. John Philip Hill, former Representative from Maryland and former United States district attorney of that State, who lives here at the Army and Navy Club. Other survivors include a brother, the Rev. Dr. Bancroft Hill of Vassar College and two other nephews. Dr. Eben Clayton Hill, Baltimore physician, and Bancroft Hill, president of the Baltimore Transit Co. Dr. Hill was unmarried.

Secured Ph.D. in Germany.

Born in Stewartstown, N. H., Dr. Hill was a son of the late Rev. Dr. Joseph Bancroft Hill and the late Mrs. Harriet Brown Hill. He prepared for Harvard University at Exeter Academy. He was graduated with an A. B. from Harvard in 1885, received an M.A. degree there in 1887 and a Ph.D. degree from the University of Halle, Germany, in 1892. He lectured at the University of Pennsylvania in 1893 and was an instructor at Harvard University in 1895.

Last year Dr. Hill represented this country at a statistical conference in Athens. Greece. Prominently identified with many organizations, Dr. Hill was a member of the American Economic Association. the American Statistical Association, serving the latter as president in 1919, and the International Statistical Institute. He also belonged to the Cosmos Club here, the Harvard Club of New York and the Harvard Club of Boston.

Active as Harvard Alumnus.

Dr. Hill had continually maintained an active interest in Harvard University, where his father was graduated in 1821 and his grandfather, the Rev. Dr. Ebenezer Hill, was graduated there in 1786. Dr. Hill was a cousin of the historian and diplomat, George Bancroft, who served as Secretary of the Navy under President Polk.

Active as a writer, Dr. Hill was author of the “English Income Tax,” 1899; “Women in Gainful Occupations,” 1929, and had contributed to economic journals and prepared census reports on illiteracy, child labor, marriage and divorce, etc. Dr. Hill formerly lived at No. 8 Logan Circle, until moving, a short while ago, to his Irving street home.

Funeral arrangements were to be announced later.

Source: Evening Star, Washington, D.C. December 13, 1938, page 10.

* * * * * * * * * * * * * *

Willian Lyon Mackenzie King
(b. Dec. 17, 1874 in Berlin, Ontario; d. July 22, 1950 at Kingsmere, Quebec )

A.B. University of Toronto, 1895; LL.B. University of Toronto, 1896; A.M. University of Toronto, 1897; A.M. Harvard University, 1898.

Harvard Ph.D. Thesis title (1909): Oriental immigration to Canada. Pub. in “Report of the royal commission appointed to inquire into the methods by which Oriental labourers have been induced to come to Canada,” Ottawa, Government Printing Bureau, 1908, pp. 13-81.

1921–1926, 1926–1930 and 1935–1948. Prime Minister of Canada.

Industry and humanity: a study in the principles underlying industrial reconstruction (Toronto, 1918) was King’s report to the Rockefeller Foundation.

Image Source: “William Lyon Mackenzie King” in Wikipedia.

* * * * * * * * * * * * * *

Herbert Camp Marshall
(b. March 8, 1871 at Zanesville, OH; d. May 22, 1953, Washington, DC)

A.B. Ohio Wesleyan University, 1891; A.B. Harvard University, 1894; A.M. Harvard University, 1895.

Harvard 1901 Ph.D. thesis title: The currency and the movement of prices in the United States from 1860 to 1880.

A Later Publication

Herbert C. Marshall, Specialist in Economic Research, Bureau of Agricultural Economics. Retail marketing of meats : agencies of distribution, methods of merchandising, and operating expenses and profits. U. S. Department of Agriculture. Department Bulletin No. 1317 (June, 1925).

Obituary
The Times Recorder (Zanesville, OH)
May 25, 1953

Dr. Marshall Succumbs Friday

Dr. Herbert C. Marshall, 83, retired economist of the U. S. Department of Agriculture, died Friday at his home in Washington, D.C. He was a native of Muskingum county.

Dr. Marshall, a brother of Carrington T. Marshall of Columbus, a former chief justice of the Ohio Supreme court, and of Charles O. Marshall of Pleasant Valley, was born in Falls township and was a graduate of Zanesville high school.

He also was graduated from Ohio Wesleyan university and received several degrees from Harvard.

He spent his boyhood in Muskingum county but had not resided in the area since that time.

He practiced law in New York city until 1916, when he Joined the federal department of agriculture, a post he held until he retired in 1941.

He was a member of the New York Bar association, the American Economics society, Phi Beta Kappa, the Harvard club of Washington and the Cosmos club of Washington.

His wife, the former Mary Emma Griffith, died in 1925.

In addition to Carrington and Charles O. Marshall, he is survived by another brother, Leon C. Marshall, of Chevy Chase, Md., and a daughter, Miss Eleanor Marshall of Washington.

Funeral services will take place in Washington but burial will be in the Bethlehem cemetery between Pleasant Valley and the Newark road.

* * * * * * * * * * * * * *

Charles Whitney Mixter
(b. Sept. 23, 1869 in Chelsea, MA; d. Oct. 21, 1936 in Washington, D.C.)

A.B. Johns Hopkins University (Md.), 1892; A.M. Harvard University, 1893.

1897 Harvard Ph.D.

Thesis title: Overproduction and overaccumulation: a study in the history of economic theory.

Edited Work

John Rae. The Sociological Theory of Capital, being a complete reprint of the New Principles of Political Economy, 1834. Edited with biographical sketch and notes by Charles Whitney Mixter, Ph.D., Professor of Political Economy in the University of Vermont. New York: Macmillan, 1905.

OBITUARY
The Burlington Free Press (Oct. 22, 1936), p. 14

Charles Whitney Mixter, for nine years a member of the University of Vermont faculty, died at a hospital in Washington, D. C., on Tuesday evening. [October 20]

Dr. Mixter was born in Chelsea, Mass., in 1867. He received his early education at Thayer Academy and Williston Seminary, and received his A.B. degree from John Hopkins University in 1892.

This was followed by graduate studies at Berlin, Goettingen and Harvard, from which he received his doctorate in 1897. Then followed a series of teaching positions: Assistant in economics at Harvard, 1897-98; Trinity College, Hartford, Conn., 1899-1900; instructor in economics, Harvard, 1901-1903; professor of economics, University of Vermont, 1903-1912.

Then Dr. Mixter served as efficiency expert for Towne and Yale at New Haven, Conn., and later for several manufacturing concerns in New Hampshire. For a year he was professor of economics at Clark University, and for a brief period he was an investigator in the service of the United States Chamber of Commerce.

For the last 13 years he had been connected with the tariff commission in Washington.

Professor Mixter had an unusually fertile mind, was an accomplished scholar in his special field, and widely read in related subjects. he became an enthusiastic student of scientific management introduced by the late Frederick W. Taylor and an active exponent of the system. He was a member of the leading economic organizations and a frequent contributor to economic journals.

He was a strong advocate of free trade. Interment was made in Plymouth, Mass.

* * * * * * * * * * * * * *

Simon Newton Dexter North
(b. Nov. 29, 1848 in Clinton, NY; d. Aug. 3, 1924 in Wilton, CT)

S. N. D. North. Old Greek: An Old Time Professor in an Old Fashioned College. New York, 1905. The story of his father Edward North, Professor of Ancient Languages in Hamilton.

Obituary, Evening Star (Washington, D.C.)
August 4, 1924, p. 7.

SIMON D. NORTH, EX-OFFICIAL DIES
Former Director of Census Succumbs in Summer Home in Connecticut.

Word was received here last night of the death in Wilton, Conn., of S. N. D. North, former director of the United States Census Bureau and a resident of this city for more than 25 years. Mr. North was accustomed to going to Connecticut each summer, and, with his wife, Mrs. Lillian Comstock North, he was spending the summer there. He lived at 2852 Ontario road here.

Mr. North first came to this city as chief statistician of manufacturers for the twelfth census, and in 1903 he was made director of the census. He had been prominently connected with the Carnegie Endowment for International Peace, with headquarters here, since that organization’s foundation.

Born at Clinton, N. Y.

Simon Newton Dexter North was born in Clinton, N. Y., November 29. 1849. He was the son of Dr. Edward and Mrs. Mary F. Dexter North. He was graduated from Hamilton College in 1869 and received an LL.D. degree from Bowdoin in 1902 and later the same degree from the University of Illinois in 1904. He was married to Miss Lillian Sill Comstock of Rome. N. Y., July 8, 1875.

He was a prominent newspaper man and was well known in journalistic circles. He was editor of the Utica Morning Herald from 1869 to 1886 and the Albany (N. Y.) Express from 1886 to 1888. He also was prominently connected with business organizations, having been secretary of the National Association of Woolen Manufacturers at Boston and editor of that organization’s quarterly bulletin from 1888 to 1903. He also had served as a member of the United States Industrial Commission and as president of the New York State Associated Press.

Wrote Many Pamphlets.

Mr. North was a member of the Washington Academy of Sciences, Cosmos Club and the Alpha Delta Phi Fraternity of New York. He also was editor of several historical magazines, of industrial publications and numerous memoirs and pamphlets. Outstanding among these were his works, “An American Textile Glossary” and “A History of American Wool Manufacture.” In addition to this, he wrote many pamphlets and delivered lectures on economics. He was for many years a member of the board of trustees of the National Geographic Society.

Besides his wife, he is survived by a son, Dexter North of the United States Tariff Commission, and two daughters, Mrs. Eloise C. Jenks of Philadelphia and Miss Gladys North. No definite arrangements have been made for the funeral, but interment will be in Clinton, N. Y.

* * * * * * * * * * * * * *

Randolph Paine
(b. Nov 3 November 1873 in Denton, TX; d. June 13, 1937 in Dallas TX)

Harvard A.B. 1898; Harvard LL.B. 1901

1900 U.S. Census.

Randolph Paine: Born Nov 1873 in Texas. Residing in Cambridge, Mass

Harvard Law School.

Paine, Randolph, A.B. 1898, Denton, Tex. 32 Mellen St.

Source: Harvard University Catalogue 1898/1899, p. 130.

1910 U.S. Census.

Randolph Paine: 36 years old, born in Texas. Attorney. Living in Dallas, Texas. Wife Maude

Obituary
Denton Record-Chronicle (Denton, TX) June 14, 1937, p. 5

Former Denton Man Dies in Dallas

Randolph Paine, 63, veteran Dallas attorney, who was born in Denton in 1873, died in a Dallas hospital Sunday after a brief illness. He had retired from active law practice four years ago…Surviving Paine are his widow and three sons, Dr. John R. Paine of Minneapolis; Henry C. Paine and Roswell Paine, both of Dallas.

* * * * * * * * * * * * * *

Charles Edward Seaman
(b. Oct. 4, 1866 in Picton, Canada; d. Aug. 19, 1937 in Los Angeles)

A.B. 1892, Acadia. A.B. 1895 and A.M. 1896 Harvard.

University of Vermont

Officers of Instruction and Government, 1901. Professor of Political Economy and Constitutional Law. University of Vermont. p. 33.

Instructor: 1900-01 of Political Economy and Constitutional Law. University of Vermont., p. 21

Source: General Catalogue of the University of Vermont and State Agricultural College. 1791-1900.

Ariel vol. 17 (1904) University of Vermont yearbook

Charles Edward Seaman, A.M., 49 Williams St. Professor of Political Economy and Constitutional Law, 1901; and Dean of the Department of Commerce and Economics. Instructor of Political Economy and Constitutional Law, 1900-01.

Declaration of Intention for Naturalization.
Los Angeles County. 18 September 1908.

Charles Edward Seaman aged 41 years, occupation retired. Born in Picton, Canada on 4^th day of October 1866. Residing at 2151 Harvard Blvd, Los Angeles.

Married into a wealthy Indiana family

Charles Edward Seaman and Florence Leyden DePauw married 10 Sept 1902 in Marion, Indiana.

From obituary [ Los Angeles Express, Apr. 2, 1913] for wife’s mother (Frances Marion DePauw, widow of Washington Charles DePauw who endowed DePauw university at Greencastle, Ind.): “Mrs. DePauw is survived by a daughter, Mrs. Charles Edward Seaman, 2151 Harvard boulevard, whose husband formerly held the chair of economics in the University of Vermont.

1913 Harvard University Alumni directory

Charles Edward Seaman, 2151 Harvard Blvd. Los Angels, CA.

Obituary
August 19, 1937. The Los Angeles Times, p. 42

Seaman. August 19, Charles Edward Seaman, beloved husband of Florence De Pauw Seaman and loving father of Mrs. William D. Witherspoon and Mrs. James H. Meriwether. Services at the residence, 2151 South Harvard Boulevard, Saturday at 2:30 p.m.

Tags AldrichMA, Ashley, Bushee, Cone, CummingsEdward, Dunbar, Eliason, GeorgeJE, GrassDF, GriffinCS, KingWL, MarshallHC, MixterCW, PaineR, SeamanCE, Taussig

Exam Questions Harvard Socialism

Harvard. Socialism exams. John Graham Brooks, 1890-1891

Post author By Irwin Collier
Post date 2020-04-28

According to the annual Report of the President of Harvard College for 1889/90 and 1890/91, “Prof. Taussig and Mr. Brooks” were the instructors for the course Political Economy 2. This post is dedicated to the second term of the Political Economy 2 in those years that was devoted to economic theories of socialism and taught by John Graham Brooks. Four boxes of Brooks’ papers are to be found at the Arthur and Elizabeth Schlesinger Library on the History of Women in America, Radcliffe Institute for Advanced Study, Harvard University. Taussig’s exam scrapbook in the Harvard archives does not include exam questions for the second terms of 1890 and 1891 which is certainly consistent with Brooks being the instructor during the second term.

This post provides biographical information for John Graham Brooks followed by transcriptions of his two examinations.

Incidentally, W.E.B. Dubois was enrolled in Economics 2 in 1890/91 as a graduate student and was awarded a grade of A during the first term (one of six awarded to the twenty-two who received grades, as recorded in Taussig’s scrapbook).

_____________________

Harvard Career

John Graham Brooks (see S.T.B. 1875), Lectr. On Socialism 1885-1886; Instr. in Political Economy 1898-1891.

Source: Harvard University. Quinquennial catalogue of the officers and graduates, 1636-1925, p. 45.

_____________________

Brief biography

John Graham Brooks attended the University of Michigan Law School for a short time, before changing his mind about being a lawyer. He then attended Oberlin College and Harvard Divinity School, graduating in 1875. Brooks was then ordained as a Unitarian Universalist minister, preaching at a church in Massachusetts and speaking on the issues of the working poor. In 1882, Brooks resigned from his position as a minister and began studying history and economics at several German universities. He and his family then lived in London for a while, where Brooks lectured about the working class. He then returned to Massachusetts and preaching, while continuing to lecture about socialism and the lives of the working class. He also wrote articles for The Forum and The Nation. In 1891 he became an investigator of the conditions of workers for the U.S. Department of Labor, which led to him writing a book, The Social Unrest: Studies in Labor and Socialist Movements. Brooks wrote other books as well, in which he discussed class struggles. In 1904, he was the president of the American Social Science Association, and from 1899 to 1915 he was the first president of the National Consumers’ League.

Source: Brooks, John Graham (1846-1938) at the digital edition of the Jane Addams Papers Project.

_____________________

Boston Globe Obituary
February 9, 1938. Page 17.

JOHN G. BROOKS, 91,
ECONOMIST IS DEAD

Former Harvard Teacher,
Once Unitarian Cleric

John Graham Brooks, 91, labor champion, sociologist and political authority, died yesterday at his home at 8 Francis av., Cambridge.

During the early part of the century, he was extremely active as a friend of labor and a prolific lecturer throughout the country and in many universities on political and social economy.

He was born in Ackworth, N.H., and prepared for college in country schools. He was graduated from Oberlin College in 1872 and from the Harvard Divinity School in 1875. He added to his education the following three years with courses at the Universities of Berlin, Jena and Freiburg.

Returning to this country, he entered the ministry as associate pastor with Dr. George Putnam at the Unitarian Church in Roxbury and later was for six years pastor of the Unitarian Church of Brockton. At the same time he conducted courses at Harvard on economic subjects.

Leaving the ministry in 1890. he devoted the major part of his time to investigations and lectures on political science and social economy. For several years he was lecturer for the extension departments of the Universities of Chicago and of California. He was for two years the expert of the United States Department of Labor, and compiled for that department, in 1893, an exhaustive report on workmen’s insurance in Germany, and since that time continued to lecture on economic and sociological subjects all over the United States, especially at the People’s Institute in New York. As an author his best-known works are “The Social Unrest,” “As Others See Us” and “An American Citizen [Life of William Henry Baldwin, Jr.].”

Prof. Brooks served as president on the American Social Science Association, and president of the National Consumers’ League and a member of the national committee on child labor. He was a member of the famous committee of 50, which, under the lead of Pres. Eliot of Harvard, made an investigation of the workings of the Gothenburg system of dealing with the liquor traffic.

In 1908 Prof. Brooks lectured with now Supreme Court Justice Louis D. Brandeis on the old age pension problems and at the time expressed some pessimism over the systems then in use.

In recent years, Mr. Brooks has been in retirement, little in public life.

He is survived by a wife, Mrs. Helen Lawrence Brooks; a son, Lawrence Brooks, and four grandchildren.

[Other books:

American Syndicalism: The I.W.W. New York: Macmillan, 1913.

Labor’s Challenge to the Social Order: Democracy its own Critic and Educator. New York: Macmillan, 1920.]

_____________________

Enrollment 1889-90

[Political Economy] 2. History of Economic Theory. First half-year: Lectures on the History of Economic Theory.—Discussion of selections from Adam Smith and Ricardo.—Topics in distribution, with special reference to wages and managers’ returns.—Second half-year: Modern Socialism in France, Germany, and England.—an extended thesis from each student. Prof. Taussig and Mr. Brooks.

Total 24: 7 Seniors, 12 Juniors, 1 Sophomore, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1889-90, p. 80.

_____________________

Political Economy 2.
Year-end Examination, June 1890.

Characterize French Socialism, chiefly with reference to St. Simon and Louis Blanc.
What general differences do you note between French and German Socialism?
Summarize Lasalle’s theory of history development.
State and criticize in detail Marx’s theory of surplus value. What follows as to Socialism, if this theory fails?
Is Schaeffle a Socialist? If so, why? If not, why not?
State the present attitude of English Socialism, with special reference to the Fabian Society. Note the most important changes from the Marx type.
In what definite ways would Socialism modify the system of private property?

Source: Harvard University Archives. Harvard University Examination papers, 1873-1915. Box 3, Vol. Examination Papers, 1890-92. Papers set for Final Examinations in Philosophy, Political Economy, History, Roman Law, Fine Arts, and Music in Harvard College (June, 1890), pp. 11-12.

_____________________

Enrollment 1890-91

For Graduates and Undergraduates:—

[Political Economy] 2. Professor Taussig and Mr. Brooks. — History of Economic Theory. — Examination of selections from Leading Writers. — Socialism. 3 hours.

Total 23: 4 Graduates, 10 Seniors, 8 Juniors, 1 Other.

Source: Harvard University, Annual Reports of the President and Treasurer of Harvard College, 1890-91, p. 58.

_____________________

Political Economy 2.
Year-end Examination, June 1891.

From Rousseau to the Fabians, what have been the chief historic changes in the Philosophy of Socialism?
What was Lassalle’s conception of historic development?
In detail, state the differences between the Marx type of Socialism and that of the Fabians.
With reference to the “three rents” what are the most important objections to Socialism?
What reasons can you give to show that Socialism is likely to have much further development in our society?

Image Source: The Bookman vol. 27 (March-August, 1908), p. 119.

Tags BrooksJG, Taussig

AEA

American Economic Association. Economic Studies, 1896-1899

Post author By Irwin Collier
Post date 2020-04-20

A few posts ago I put together a list of links to the contents of eleven volumes of monographs published by the American Economic Association from 1886 through 1896.

Those eleven published volumes were briefly followed (1896-1899) by two series of AEA publications, viz.: the bi-monthly Economic Studies, and an extremely short “new series” of larger monographs that would be printed at irregular intervals. In 1900 the American Economic Association reverted to the policy of issuing its monographs, called the “third series” of the publications, at quarterly intervals.

This post provides links to the 1896-1899 intermezzo of AEA publications.

______________________

American Economic Association
ECONOMIC STUDIES.

Price of the Economic Studies $2.50 per volume in paper, $3.00 in cloth. The set of four volumes, in cloth, $10.00.

VOLUME I, 1896
[prices in paper]

No. 1 (Apr., Supplement) Eighth Annual Meeting: Hand-Book and Report. Pp. 178. Price 50 cents.

No. 1 (Apr.). The Theory of Economic Progress, by John B. Clark, Ph.D.; The Relation of Changes in the Volume of the Currency to Prosperity, by Francis A. Walker, LL.D. Pp. 46. Price 50 cents.

No. 2 (Jun.). The Adjustment of Wages to Efficiency. Three papers: Gain Sharing, by Henry R. Towne; The Premium Plan of Paying for Labor, by F.A. Halsey; A Piece-Rate System, by F.W. Taylor. Pp. 83 Price 50 cents.

No. 3 (Aug.). The Populist Movement. By Frank L. McVey, Ph.D. Pp. 81 Price 50 cents.

No. 4 (Oct.). The Present Monetary Situation. An address by Dr. W. Lexis, University of Göttingen translated by Professor John Cummings. Pp. 72. Price 75 cents.

Nos. 5-6 (Dec.). The Street Railway Problem in Cleveland. By W.R. Hopkins. Pp. 94. Price 50 cents.

VOLUME II, 1897

No. 1 (Feb., Supplement). Ninth Annual Meeting: Hand-Book and Report. Pp. 162. Price 50 cents.

No. 1 (Feb.). Economics and Jurisprudence. By Henry C. Adams, Ph.D. Pp. 48. Price 50 cents.

No. 2 (Apr.). The Saloon Question in Chicago. By John E. George, Ph.B. Pp. 62. Price 50 cents.

No. 3 (Jun.). The General Property Tax in California. By Carl C. Plehn, Ph.D. Pp. 88. Price 50 cents.

No. 4 (Aug.). Area and Population of U. S. at Eleventh Census. By Walter F. Willcox, Ph.D. Pp. 60. Price 50 cents.

No. 5 (Oct.). A Discourse Concerning the Currencies of the British Plantations in America, etc. By William Douglass. Edited by Charles J. Bullock, Ph.D. Pp. 228. Price 50 cents.

No. 6 (Dec.). Density and Distribution of Population in U.S. at Eleventh Census. By Walter F. Wilcox, Ph.D. Pp. 79.Price 50 cents.

VOLUME III, 1898

No. 1 (Feb., Supplement). Tenth Annual Meeting: Hand-Book and Report. Pp. 136. Price 50 cents.

No. 1 (Feb.). Government by Injunction. By William H. Dunbar, A.M., LL.B. Pp. 44. Price 50 cents.

No. 2 (Apr.). Economic Aspects of Railroad Receiverships. By Henry H. Swain, Ph.D. Pp. 118. Price 50 cents.

No. 3 (Jun.). The Ohio Tax Inquisitor Law. By T. N. Carver, Ph.D. Pp. 50. Price 50 cents.

No. 4 (Aug.). The American Federation of Labor. By Morton A. Aldrich, Ph.D. Pp. 54. Price 50 cents.

No. 5 (Oct.). Housing of the Working People in Yonkers. By Ernest Ludlow Bogart, Ph.D. Pp. 82. Price 50 cents.

No. 6 (Dec.). The State Purchase of Railways in Switzerland. By Horace Micheli; translated by John Cummings, Ph.D. Pp. 72. Price 50 cents.

VOLUME IV, 1899

No. 1 (Feb.). I. Economics and Politics. By Arthur T. Hadley, A.M.; II. Report on Currency Reform. By F. M. Taylor, F.W. Taussig, J.W. Jenks, Sidney Sherwood, David Kinley; III. Report on the Twelfth Census. By Richmond Mayo-Smith, Walter F. Willcox, Carroll D. Wright, Roland P. Falkner, Davis R. Dewey. Pp.70. Price 50 cents.

No. 2 (Apr.). Eleventh Annual Meeting: Hand-Book and Report. Pp. 126. Price 50 cents.

No. 2 (Apr.). Personal Competition: Its Place in the Social Order and Effect upon Individuals; with some Consideration upon Success. By Charles H. Cooley, Ph.D. Pp. 104. Price 50 cents.

No. 3 (Jun.). Economics as a School Study. By Frederick R. Clow, A.M. Pp. 72. Price 50 cents.

Nos. 4-5 (Aug.-Oct.). The English Income Tax, with Special Reference to Administration and Method of Assessment. By Joseph A. Hill, Ph.D. Pp. 162. Price $1.00.

No. 6. (Dec.) The Effects of Recent Changes in Monetary Standards upon the Distribution of Wealth. By Francis Shanor Kinder, A.M. Pp.91. Price 50 cents.

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NEW SERIES

No. 1 (Dec., 1897). The Cotton Industry. By M. B. Hammond. Pp. 382. (In cloth $2.00.) Price $1.50.

No. 2 (Mar., 1899). Scope and Method of the Twelfth Census. Critical discussion by over twenty statistical experts. Pp. 625. (In cloth $2.50.) Price $2.00.

Tags AdamsHC, AldrichMA, Bogart, Bullock, Carver, ClarkJB, Clow, Cooley, Cummings, Dewey, DunbarWH, Falkner, Georgescu, Hadley, Halsey, Hammond, HillJA, HopkinsWR, Jenks, Kinder, Kinley, Lexis, Mayo-Smith, McVey, Micheli, Plehn, Sherwood, Swain, Taussig, TaylorFM, TaylorFW, TowneHR, WalkerFA, Willcox, Wright

1889-90 PHILOSOPHY 11. THE ETHICS OF SOCIAL REFORM.

Enrollment.

1889-90 PHILOSOPHY 11. THE ETHICS OF SOCIAL REFORM [Mid-Year Examination. 1890.]

Omit one question.

1889-90 PHILOSOPHY 11. THE ETHICS OF SOCIAL REFORM [Year-end Examination. 1890.]

[Omit one question.]

1889-90 POLITICAL ECONOMY 1.

Enrollment.

1889-90 POLITICAL ECONOMY 1. [Mid-Year Examination. 1890.]

1889-90 POLITICAL ECONOMY 1. [Year-end Examination. 1890.]

Arrange your answers strictly in the order of the questions. One question may be omitted.

1889-90 POLITICAL ECONOMY 2.

Enrollment.

1889-90 POLITICAL ECONOMY 2. [Mid-Year Examination. 1890.]

Political Economy 2. [Year-end Examination, June 1890.]

1889-90 POLITICAL ECONOMY 3.

Enrollment.

1889-90 POLITICAL ECONOMY 3. [Mid-Year Examination. 1890.]

1889-90 POLITICAL ECONOMY 3. [Year-end Examination. 1890.]

1889-90 POLITICAL ECONOMY 4.

Enrollment.

1889-90 POLITICAL ECONOMY 4. [Mid-Year Examination. 1890.]

[Take all of A, and seven questions from B.]

A.

B.

1889-90 POLITICAL ECONOMY 4. [Year-end Examination. 1890.]

[Take all of A and eight questions from B.]

A.

B.

1889-90 POLITICAL ECONOMY 6.

Enrollment.

1889-90. POLITICAL ECONOMY 6 [End-Year]

1889-90 POLITICAL ECONOMY 7. Public Finance and Banking.

[Omitted in 1889-90]

1889-90 POLITICAL ECONOMY 8.

Enrollment.

1889-90 POLITICAL ECONOMY 8. [Mid-year examination]

[Take two questions from A, and eight from B.]

The questions under A are supposed to require half an hour each for careful treatment, and those under B fifteen minutes each.

A.

B.

1889-90 POLITICAL ECONOMY 9. Management and Ownership of Railways.

[Omitted in 1889-90]

Philosophy 11. The Ethics of Social Reform.

Enrollment 1888-89. Philosophy 11.

1888-89. PHILOSOPHY 11. THE ETHICS OF SOCIAL REFORM. [Mid-year Examination, 1889]

1888-89. PHILOSOPHY 11. THE ETHICS OF SOCIAL REFORM. [Final Examination, 1889]

POLITICAL ECONOMY 1.

Enrollment 1888-89 Political Economy 1, First half-year.

1888-89. POLITICAL ECONOMY 1. [Mid-year Examination, 1889]

Enrollment 1888-89 Political Economy 1, Second half-year, Division A.

1888-89. POLITICAL ECONOMY 1. [Final Examination, 1889] Division A.

Enrollment 1888-89 Political Economy 1, Second half-year, Division B.

1888-89. POLITICAL ECONOMY 1. Division B. [Final Examination, 1889]

POLITICAL ECONOMY 2

Enrollment 1888-89 Political Economy 2.

1888-89. POLITICAL ECONOMY 2. [Mid-year and Final Examination, 1889]

1888-89. POLITICAL ECONOMY 2. [Final Examination, 1889]

POLITICAL ECONOMY 3

Enrollment 1888-89 Political Economy 3. Omitted in 1888-89.

POLITICAL ECONOMY 4

Enrollment 1888-89. Political Economy 4.

1888-89. POLITICAL ECONOMY 4. [Mid-year Examination, 1889]

1888-89. POLITICAL ECONOMY 4. [Final Examination, 1889]

POLITICAL ECONOMY 5

Enrollment 1888-89 Political Economy 5. Omitted in 1888-89.

POLITICAL ECONOMY 6

Enrollment 1888-89 Political Economy 6, Second half-year.

1888-89. POLITICAL ECONOMY 6 [End-Year]

POLITICAL ECONOMY 7

Enrollment 1888-89 Political Economy 7.

1888-89. POLITICAL ECONOMY 7. [Mid-year Examination, 1889]

1888-89. POLITICAL ECONOMY 7. [Final Examination, 1889]

POLITICAL ECONOMY 8

Enrollment 1888-89 Political Economy 8, First half-year.

1888-89. POLITICAL ECONOMY 8. [Final Examination, Mid-year, 1889]

Enrollment 1888-89 Political Economy 9, Second half-year.

1888-89. POLITICAL ECONOMY 9. [Final Examination, 1889]

Political Economy 1. Course Description and Enrollment 1887-88

Political Economy 1 1887-1888. [Mid-year examination]

1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.

1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM
[Mid-Year Examination. 1890.]

1889-90
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM
[Year-end Examination. 1890.]

1889-90
POLITICAL ECONOMY 1.

1889-90
POLITICAL ECONOMY 1.
[Mid-Year Examination. 1890.]

1889-90
POLITICAL ECONOMY 1.
[Year-end Examination. 1890.]

Arrange your answers strictly in the order of the questions.
One question may be omitted.

1889-90
POLITICAL ECONOMY 2.

1889-90
POLITICAL ECONOMY 2.
[Mid-Year Examination. 1890.]

Political Economy 2.
[Year-end Examination, June 1890.]

1889-90
POLITICAL ECONOMY 3.

1889-90
POLITICAL ECONOMY 3.
[Mid-Year Examination. 1890.]

1889-90
POLITICAL ECONOMY 3.
[Year-end Examination. 1890.]

1889-90
POLITICAL ECONOMY 4.

1889-90
POLITICAL ECONOMY 4.
[Mid-Year Examination. 1890.]

1889-90
POLITICAL ECONOMY 4.
[Year-end Examination. 1890.]

1889-90
POLITICAL ECONOMY 6.

1889-90.
POLITICAL ECONOMY 6
[End-Year]

1889-90
POLITICAL ECONOMY 7.
Public Finance and Banking.

1889-90
POLITICAL ECONOMY 8.

1889-90
POLITICAL ECONOMY 8.
[Mid-year examination]

1889-90
POLITICAL ECONOMY 9.
Management and Ownership of Railways.

Enrollment 1888-89.
Philosophy 11.

1888-89.
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Mid-year Examination, 1889]

1888-89.
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Final Examination, 1889]

Enrollment 1888-89
Political Economy 1, First half-year.

1888-89.
POLITICAL ECONOMY 1.
[Mid-year Examination, 1889]

Enrollment 1888-89
Political Economy 1, Second half-year, Division A.

1888-89.
POLITICAL ECONOMY 1.
[Final Examination, 1889]
Division A.

Enrollment 1888-89
Political Economy 1, Second half-year, Division B.

1888-89.
POLITICAL ECONOMY 1.
Division B.
[Final Examination, 1889]

Enrollment 1888-89
Political Economy 2.

1888-89.
POLITICAL ECONOMY 2.
[Mid-year and Final Examination, 1889]

1888-89.
POLITICAL ECONOMY 2.
[Final Examination, 1889]

Enrollment 1888-89
Political Economy 3.
Omitted in 1888-89.

Enrollment 1888-89.
Political Economy 4.

1888-89.
POLITICAL ECONOMY 4.
[Mid-year Examination, 1889]

1888-89.
POLITICAL ECONOMY 4.
[Final Examination, 1889]

Enrollment 1888-89
Political Economy 5.
Omitted in 1888-89.

Enrollment 1888-89
Political Economy 6, Second half-year.

1888-89.
POLITICAL ECONOMY 6
[End-Year]

Enrollment 1888-89
Political Economy 7.

1888-89.
POLITICAL ECONOMY 7.
[Mid-year Examination, 1889]

1888-89.
POLITICAL ECONOMY 7.
[Final Examination, 1889]

Enrollment 1888-89
Political Economy 8, First half-year.

1888-89.
POLITICAL ECONOMY 8.
[Final Examination, Mid-year, 1889]

Enrollment 1888-89
Political Economy 9, Second half-year.

1888-89.
POLITICAL ECONOMY 9.
[Final Examination, 1889]

Political Economy 1. Course Description and Enrollment
1887-88

Political Economy 1
1887-1888.
[Mid-year examination]

Political Economy 1A.
Course Description and Enrollment
1887-88

POLITICAL ECONOMY 1.
DIVISION A.
[Year-end examination, 1888]

Political Economy 1B.
Course Description and Enrollment
1887-88

POLITICAL ECONOMY 1.
DIVISION B.
[Year-end examination, 1888]

Political Economy 2.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 2.
[Mid-year examination. 1888.]

1887-88
POLITICAL ECONOMY 2.
[Year-end examination. 1888.]

Political Economy 3.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 3
[Mid-year examination]

Political Economy 4.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 4
[Mid-year examination]

1887-88.
POLITICAL ECONOMY 4
[Year-end examination]

1887-88
POLITICAL ECONOMY 5
Economic Effects of Land Tenures in England, Ireland, France, and Germany
[ Course Omitted in 1887-88]

Political Economy 6.
Course Description and Enrollment
1887-88

Topics and References in Political Economy VI.
Harvard College. Tariff Legislation in the United States. Cambridge, Mass., 1888.

1887-88.
POLITICAL ECONOMY 6
[Year-end examination]

Political Economy 7.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 7
[Mid-year examination]

1887-88.
POLITICAL ECONOMY 7
[Year-end examination]

Political Economy 8.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 8
[Mid-year examination]

Political Economy 9.
Course Description and Enrollment
1887-88

1887-88.
POLITICAL ECONOMY 9
[Mid-year examination]

Philosophy 11.
Course Description and Enrollment
1887-88

1887-88
PHILOSOPHY 11.
THE ETHICS OF SOCIAL REFORM.
[Mid-year examination]

Philosophy 11.
THE ETHICS OF SOCIAL REFORM.
[Year-end examination]

1886-87.
POLITICAL ECONOMY 1.
[One-hour Examination. Nov. 17, 1886]

1886-87.
POLITICAL ECONOMY 1.
[Mid-Year Examination. 1887]

1886-87.
POLITICAL ECONOMY 1.
Division A.
[Year-end Examination. 1887]

1886-87.
POLITICAL ECONOMY 1.
Division B.
[One-hour Examination. April. 4, 1887]